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Brandes Investment Trust (BVNSC)

Filed: 5 Jun 20, 6:38am

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number811-08614

Brandes Investment Trust

(Exact name of registrant as specified in charter)

11988 El Camino Real, Suite 600

San Diego, CA 92130

(Address of principal executive offices) (Zip code)

Lea Anne Copenhefer

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110-1726

(Name and address of agent for service)

(800)331-2979

Registrant’s telephone number, including area code

Date of fiscal year end:September 30, 2020

Date of reporting period:March 31, 2020

 


Item 1. Reports to Stockholders.

The following is a copy of the reports transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940 (the “Act”) (17 CFR270.30e-1):

 


 
SEMI-ANNUAL
REPORT

INTERNATIONAL EQUITY FUND
GLOBAL EQUITY FUND
GLOBAL EQUITY INCOME FUND
EMERGING MARKETS VALUE FUND
INTERNATIONAL SMALL CAP EQUITY FUND
SMALL CAP VALUE FUND
CORE PLUS FIXED INCOME FUND
For the six months ended March 31, 2020
Beginning in January 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (http://www.brandesfunds.com/literature.html), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker-dealer or a bank) or, if you are a direct investor, by calling 1-800-395-3807, sending an e-mail request to info@brandesfunds.com, or by enrolling at http://www.brandesfunds.com/literature.html.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 1-800-395-3807 or send an email request to info@brandesfunds.com to let the Funds know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held in your account with that intermediary if you invest through your financial intermediary or all Funds held with the fund complex if you invest directly with the Funds.




Dear Shareholders,
On behalf of the entire Brandes family, we extend our deepest wish that you and your families are safe and healthy. We hope that the extraordinary measures that people across the world are taking to combat COVID-19 will be successful and that the damage—loss of life, illness, anxiety and economic downturn—will be minimized. We recognize the amazing work of front-line healthcare workers all over the world and acknowledge that the vulnerable in our societies will be impacted disproportionately by this crisis. We are proud of our colleagues, many of whom are doing their part to support front-line healthcare workers and the philanthropic entities providing food to those in need in the five communities around the world where we have offices.
Our People and Our Business
Q1 2020 is one that none of us will ever forget. In early March, one of our colleagues remarked that suddenly the word unprecedented did not seem “unprecedented” enough. Indeed, unprecedented seems less than adequate to describe the health and economic impacts of COVID-19, the simultaneous oil price shock and the resulting dramatic market sell-off.
Our firm response has been swift and effective. We moved quickly to implement elements of our Business Continuity Plan and our workforce has been working remotely for the better part of a month. We are staying in close contact with each other and are ready to redistribute work responsibilities if staff members or their families are further impacted by the virus.
As you know, we employ a team-based approach to managing the Brandes Funds which provides an important benefit during this difficult period—simply put, our long-standing structure means we are far less susceptible to “key person” risk. Our investment committees are now working 100% remotely and practicing physical distancing.
We are also pleased to report that our key operational partners are also meeting the challenge and are accomplishing the various business requirements we established in our relationships with them.
The Investment Environment
Our firm was born in 1974 and forged out of the market experiences of the late 1960’s and early ‘70’s. Keep in mind that in the 1973/74 market correction, the Dow Jones Industrial Average was down over 45% top to bottom.1 The United Kingdom fared

1Source: Yahoo Finance. For the period 01/11/1973 to 12/06/1974. The Dow Jones Industrial Average is an unmanaged, price-weighted index of 30 blue-chip U.S. stocks.
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much worse with the London Stock Exchange’s FT 30 declining 73% top to bottom.2 This was the era known as the “nifty fifties”—a period in which the biggest companies in the world attracted most investment capital. As a result, the prices of those companies were bid up and eventually their stock prices became de-coupled from their fundamentals. As the world tipped into a recession, company fundamentals once again started to matter and a massive sell-off occurred.
That experience influenced how our firm was established. We adopted (and continue to follow) a fundamental, bottom-up approach to valuing businesses. We seek to avoid overpaying for a business and we believe that a consistent focus on business fundamentals leads to long-run investment success. We are always mindful that there can be a significant difference between a good business and a good investment, and we are guided by Benjamin Graham’s lesson on the difference between investing (based on fundamental analysis) and speculation (projecting non-fundamental drivers of price movement).
As we survey the current investment landscape, we see some similarities to other market corrections and crises. We agree with the adage that history does not repeat itself, but it often rhymes. Coming into 2020 we felt that, broadly speaking, valuations were high and that a pull back and/or recession (because it has been a long time since we’ve had the down-side of a business cycle) was possible.
The combination of the unexpected pandemic—including the uncertain duration of the shelter-in-place regime—and lofty valuations for many companies has produced a swift and dramatic market correction and, in our view, a fair amount of indiscriminate selling. We anticipate that as we move forward, and market participants begin to look further into the future, fundamentals will begin to matter again—and we are positioning the Funds for such an outcome.
Thank you for your continued confidence in our firm. We are working hard on your behalf and are confident that the markets will eventually recognize good company fundamentals, which we expect will be reflected in the prices of companies we hold in your Brandes Fund.
Brent V. Woods, CFA
Chief Executive Officer
Brandes Investment Partners

2Source: BBC News, May 6, 2003. The FT 30 index tracks the performance of 30 key stocks in the industrial and commercial sectors of the U.K. stock market.
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Mutual fund investing involves risk. Principal loss is possible.
A mutual fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectuses contain this and other important information about the investment company, and may be obtained by calling 1.800.395.3807 or visiting brandesfunds.com. Read carefully before investing.
The foregoing reflects the thoughts and opinions of Brandes Investment Partners® exclusively and is subject to change without notice. Brandes Investment Partners® is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada.
The Brandes Funds are distributed by ALPS Distributors, Inc.
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Brandes International Equity Fund
Dear Fellow Investor,
The net asset value of the Brandes International Equity Fund (Class I Shares) declined 25.24% in the six months ended March 31, 2020. During the same period, the MSCI EAFE Index fell 16.52%.
The COVID-19 event created an especially volatile Q1 2020 with a sell-off that was as swift and widespread as anything we have seen since the global financial crisis. While we recognize that the situation remains fluid and has many unknowns, the sell-off has generally broadened and improved our opportunity set. It has also allowed us to add capital to existing holdings, for which we have seen the largest discrepancy between price and our intrinsic value estimate. The increased valuation discrepancy between value and growth stocks (MSCI EAFE Value vs. MSCI EAFE Growth), the improvement in potential investment opportunities and the significant increase in the portfolio’s average margin of safety have led to a rise in portfolio activity and our optimism about the Fund’s return prospects.
Over the six months ended March 31, 2020, results from a country perspective were hampered the most by holdings in the United Kingdom, France and Mexico. From an industry perspective, Fund holdings in the electrical equipment and household products were positive contributors to performance, while holdings in banks, oil, gas & consumable fuels and media detracted from returns.
Three of the largest individual contributors to performance over this time period were Mitsubishi Tanabe Pharma Corporation (Japanese pharmaceutical firm), Schneider Electric SE (France-based electrical equipment company) and J Sainsbury plc (U.K. food retailer). Conversely, Fibra Uno Administracion SA de CV (Mexican real estate investment trust), Embraer S.A. (Brazil-based regional jet manufacturer) and Engie SA (French utility) were three of the largest detractors from performance.
At the start of 2020, we considered the Brandes International Equity Fund as a fairly balanced portfolio. The portfolio had exposure to both cyclically oriented companies and defensive-oriented businesses, without a significant tilt to either area as our company-by-company analysis led to a variety of different value opportunities instead of one or two broad themes.
Our cyclical exposure consisted of several integrated oil companies, which represented an overweight at the beginning of the year, and a variety of banks and other financials, where we held weights roughly equal to the benchmark’s. We did have exposure to select industrials, consumer discretionary and materials companies, but our allocation was less than that of the benchmark as we were concerned that many cyclicals had been overearning and that balance sheet quality had deteriorated. We believe the cyclical holdings we owned generally exhibited a combination of a strong competitive position in their respective industries, a diversified product mix, a deeply discounted price (relative to our assessment of their fundamentals) and in many cases a balance sheet that would allow them to weather a full market cycle.
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Brandes International Equity Fund
On the defensive side, our exposure to utilities, consumer staples and health care were roughly equal weight to the benchmark, although our holding composition looked quite different. Our health care exposure was primarily to global pharmaceutical companies. While our consumer staples exposure mainly comprised European food retailers, the benchmark’s allocation was mostly to beverage, personal products and food products companies, many of which had been trading at premiums well beyond what we believed they deserved. We have held our exposure to several European food retailers for a number of years as we believe they offer upside potential as they restructure and seek to turn around their business amid a difficult competitive environment. Over time, we have pared and added to these holdings as market negativity toward them has ebbed and flowed. In addition to the upside potential from their turnaround plans, these businesses also have several defensive qualities we appreciate, including significant property ownership.
Recent Portfolio Activity
The significant market moves late in Q1 2020 led to a meaningful increase in portfolio activity and investment committee meetings. Our focus has been to try to estimate how the pandemic and the recent oil-price shock have affected the intrinsic values of our holdings, as well as to explore new opportunities resulting from the volatility. Not surprising to us, in many cases, the volatility in share prices significantly outpaced the changes in estimated business values. As value managers, we are excited about this widening dispersion in share prices and underlying fundamentals. Portfolio activity during the quarter has revolved around averaging down or increasing target allocations on several of our existing holdings, and evaluating potential new additions to the Fund.
Given the dramatic drop in oil prices triggered by the dispute between Saudi Arabia and Russia, it is not surprising that the industry has represented an area of opportunities for us. While we do not make top-down predictions on oil prices, we think it is likely that oil prices below $30 per barrel are unsustainable.
We have focused our investments on select integrated oil companies that not only have the balance sheets required to survive and capitalize on the downturn (based on our analysis), but also maintain relatively low-cost production. Among the holdings that we averaged down on was Italy-based ENI. The company is trading at a lower market value (as of March 31) than it was in 1996. Additionally, ENI boasts a good debt maturity profile, and while its capital expenditure projects are ramping down, the company still has strong production growth.
The market’s indiscriminate sell-off has also weighed on businesses that we believe are well positioned from operational and balance sheet perspectives to weather the economic fallout of the COVID-19 pandemic. An example of such a business within the Fund is Cameco, one of the largest uranium producers globally, providing about 17% of the world's production from its mines in Canada, the United States and Kazakhstan. Owner of several of the largest high-grade mines in the world, Cameco is prominently
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Brandes International Equity Fund
positioned near the bottom of the cost curve, based on our analysis. Our investment thesis centers around our view that current uranium prices are well below what the industry requires to invest in incremental capacity and that demand is well supported by planned nuclear power plants in emerging markets. Since most of Cameco’s sales are to nuclear power plants suppling base load electricity, and these relationships are covered under contracts specifying specific volume and price terms, the business should, in our opinion, be somewhat insulated from the current economic downturn. We also appreciate that the company has a strong balance sheet as it ended 2019 with a net cash position.
We also initiated a position in Heidelberg Cement, the world’s second-largest cement producer. Despite strong free-cash-flow generation, the company’s shares have been under pressure over the past five years. Within its U.S. operations, both residential and infrastructure building (two-thirds of its U.S. business) are depressed, while within its European business, the historically intense competitive environment is improving as industry capacity has decreased. These two operating jurisdictions should benefit significantly if any of the government infrastructure stimulus currently in discussion were to materialize, although it should be noted that this would be just an upside to our valuation as our investment thesis does not hinge on it.
Looking Forward
At the end of March, the Fund's largest country weights were in the United Kingdom and France, and the Fund's largest industry weights were in pharmaceuticals and oil, gas & consumable fuels. Please note that while macro conditions are considered when we determine valuation estimates for individual companies, our country and industry weightings are a by-product of bottom-up stock selection, not the result of top-down observations.
As the world comes to terms with the COVID-19 pandemic and as governments spend huge amounts to stabilize their economies, we are confident that the market will start to favor strong fundamentals, which may—over the long term—bode well for the prices of the companies we own. There are several parallels to other crisis periods: the Asian financial crisis, post September 11, 2001, the global financial crisis and the euro debt crisis. Historically, these periods of extreme volatility, where prices tended to dislocate greatly from value, have often provided what we considered the best access to long-term capital appreciation. We measure that at the company and portfolio levels via margin of safety (discount of market price to our estimate of intrinsic value). We believe that with its average margin of safety currently in the same range as it was during these prior crisis periods, the Brandes International Equity Fund is well positioned for long-term upside potential.
Sincerely yours,
The Brandes International Large-Cap Investment Committee
Brandes Investment Trust
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Brandes International Equity Fund
Because the values of the Fund’s investments will fluctuate with market conditions, so will the value of your investment in the Fund. You could lose money on your investment in the Fund, or the Fund could underperform other investments. The values of the Fund’s investments fluctuate in response to the activities of individual companies and general stock market and economic conditions. In addition, the performance of foreign securities depends on the political and economic environments and other overall economic conditions in the countries where the Fund invests. Emerging country markets involve greater risk and volatility than more developed markets. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar. Value stocks typically are less volatile than growth stocks; however, issues of value stocks typically have a lower expected growth rate in earnings and sales than issues of growth stocks.
Please refer to the Schedule of Investments in the report for complete holdings information. Fund holdings, geographic allocations and/or sector allocations are subject to change at any time and are not considered a recommendation to buy or sell any security.
The foregoing reflects the thoughts and opinions of Brandes Investment Partners® exclusively and is subject to change without notice.
Brandes Investment Partners® is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada.
Must be preceded or accompanied by a prospectus.
Index Guide
The MSCI EAFE Index with net dividends captures large and mid cap representation of developed market countries excluding the U.S. and Canada.
The MSCI EAFE Growth Index with gross dividends captures large and mid cap securities across developed market countries, excluding the United States and Canada, exhibiting growth style characteristics, defined using long-term forward earnings per share (EPS) growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend, and long-term historical sales per share growth trend.
The MSCI EAFE Value Index with net dividends captures large and mid cap securities across developed market countries, excluding the United States and Canada, exhibiting value style characteristics, defined using book value to price, 12-month forward earnings to price, and dividend yield.
MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report.
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Brandes International Equity Fund
You may not redistribute the MSCI data or use it as a basis for other indices or investment products.
One cannot invest directly in an index.
Margin of Safety: The discount of a security’s market price to what the firm believes is the intrinsic value of that security.
The Brandes International Equity Fund is distributed by ALPS Distributors, Inc
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Brandes International Equity Fund
The following chart compares the value of a hypothetical $100,000 investment in the Brandes International Equity Fund – Class I from March 31, 2010 to March 31, 2020 with the value of such an investment in the MSCI EAFE (Europe, Australasia and Far East) Index for the same period.
Value of $100,000 Investment vs MSCI
EAFE (Europe, Australasia and Far East) Index (Unaudited)
 Average Annual Total Return
Periods Ended March 31, 2020
 One
Year
 Three
Years
 Five
Years
 Ten
Years
 Since
Inception(1)
Brandes International Equity Fund         
Class A*

-26.05% -8.13% -4.06% 0.50% 5.62%
Class A *(with maximum sales charge)

-30.29% -9.93% -5.19% -0.09% 5.35%
Class C*

-26.62% -8.83% -4.79% -0.29% 4.81%
Class C *(with maximum sales charge)

-27.33% -8.83% -4.79% -0.29% 4.81%
Class I

-25.86% -7.92% -3.87% 0.68% 5.84%
Class R6*

-25.77% -7.81% -3.73% 0.77% 5.92%
EAFE (Europe, Australasia and Far East) Index

-14.38% -1.82% -0.62% 2.72% 3.69%
    
(1)The inception date is January 2, 1997.
*Performance shown prior to January 31, 2011 for Class A shares reflects the performance of Class I shares adjusted to reflect Class A expenses. Performance shown prior to January 31, 2013 for Class C shares reflects the performance of Class I shares adjusted to reflect Class C expenses. Performance shown prior to February 1, 2016 for Class R6 shares reflects the performance of Class I shares adjusted to reflect Class R6 expenses.
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Brandes International Equity Fund
Performance data quoted represents past performance; past performance does not indicate future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800-331-2979.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
Sector Allocation as a Percentage of Total Investments as of
March 31, 2020 (Unaudited)
The sector classifications represented in the graph above are in accordance with Global Industry Classification Standard (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC.
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Brandes Global Equity Fund
Dear Fellow Investor,
The net asset value of the Brandes Global Equity Fund (Class I Shares) fell 22.93% in the six months ended March 31, 2020. During the same period, the MSCI World Index declined 14.30%.
From a country perspective, results were hampered the most by holdings in the United States, the United Kingdom and France. From an industry perspective, Fund holdings in the wireless telecommunication services, food products and software were positive contributors to performance, while holdings in banks, media and aerospace & defense detracted from returns.
Three of the largest individual contributors to performance during this period were SoftBank Group Corp. (Japanese conglomerate), Applied Materials, Inc. (U.S.-based semiconductor equipment manufacturing company) and Ingredion Incorporated (U.S.-based food products manufacturer). Conversely, Citigroup Inc. (U.S.-based bank), Embraer S.A. (Brazilian regional jet manufacturer) and Fibra Uno Administracion SA de CV (Mexican real estate investment trust) were three of the largest detractors from performance.
The COVID-19 event created an especially volatile Q1 2020 with a sell-off that has been as swift and widespread as anything seen since the global financial crisis (GFC). We recognize that the situation remains fluid and has many unknowns. However, the sell-off has generally broadened and improved our opportunity set and has also allowed us to add capital to our current holdings where there has been the largest discrepancy between price and our estimate of intrinsic value. The increased valuation discrepancy between value and growth stocks, improvement in potential investment opportunities and a significant increase in the portfolio’s margin of safety have led to a rise in portfolio activity. It has also led us to be optimistic about the return prospects of the Fund.
As we entered 2020, the Brandes Global Equity Fund was positioned quite differently from the broader indices (MSCI World or MSCI ACWI) but not positioned for a particular economic situation. Our cash weighting was slightly elevated relative to the Fund’s history because it was becoming more difficult to find new value opportunities to replace some of the companies sold when they reached our estimates of intrinsic value. This was especially true in the United States where we have had a significant underweight for several years because broad market valuations in the U.S. seemed elevated to us; we therefore believed there were better investment opportunities outside the U.S.
While the low interest-rate, modest economic growth environment would suggest holding defensive, structurally advantaged and/or bond proxy-type companies (e.g., staples, utilities), many of these businesses had been trading at premiums well beyond what we believed was deserved. Instead, we focused on select opportunities, such as U.K. food retailers that have good defensive qualities but had been sold down due to shorter-term Brexit concerns. This allowed us to buy solid businesses at what we
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Brandes Global Equity Fund
believed were modest valuation levels and these investments have generally held up well during the pullback. Another key allocation has been to health care, which has also performed well within the downturn. Our health care holdings, including global pharma companies as well as supply-chain companies, generally offer more attractive fundamentals (earnings growth, low leverage) than other defensive stocks, like those in staples or utilities, but at significantly lower valuations. If the economy enters a recession or a longer-than-expected downturn, our defensive health care holdings could provide good relative returns without our having to pay the premium of other defensives.
Our other overweight is to the financials sector, which tends to be more economically sensitive to headwinds during a downturn but has been more likely to benefit when the economy starts to recover. However, most of our financial holdings were already priced at such large discounts to our estimates of their intrinsic values that they already fully reflect a recession scenario. We’ve discussed in previous notes how our U.S. bank holdings now have distinctly different financial profiles compared to before the GFC. They now possess very strong balance sheets with excess capital as defined by the Federal Reserve’s punitive stress tests. Many of our holdings (e.g., Wells Fargo, Citi) should benefit from their major investments in technology upgrades; they’re now in a stronger position to lower their cost structures. Wells Fargo may also be able to eventually reduce its elevated legal/administrative expenses.
Generally, our holdings exhibit strong competitive and diversified positions in their respective industries, deeply discounted prices (relative to our assessment of their fundamentals) and balance sheets that we feel will allow them to weather a prolonged economic downturn.
Recent Portfolio Activity
The significant market moves in late Q1 2020 allowed us to improve the Fund’s risk/reward balance, so we’ve been much more active than in quite a while.
In this time of extreme volatility, we believe the market has overreacted, selling off attractive businesses with strong balance sheets out of fear of the near-term economic impacts from the pandemic. We have long been focused on balance sheet strength when evaluating potential investments. This orientation is paramount today because we’re seeking companies that can not only survive the downturn but capitalize on it to achieve a stronger competitive position. We have also been discussing the merits of taking prudent risks to benefit from price dislocations.
We are in no position to predict the exact outcome of the downturn. It is conceivable that with the right response, many countries could see virus cases de-escalate within the next several months (similar to what has happened in China), or an antiviral could become available in the next several quarters. However, it’s also possible that this issue will last beyond the next couple of quarters. In theory, the fair value of any business is the entirety of its future free cash flows discounted to the present; even if next year’s
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Brandes Global Equity Fund
earnings were eliminated, we believe it would only reduce the fair value of some well positioned businesses by under 10%. Yet we have seen 25-50% stock price declines in certain businesses that may be affected by the virus—and even some that are not—which we believe have created opportunities.
We bought new positions in certain industrial, media and technology companies (including but not limited to Heidelberg Cement, Textron, Comcast and Applied Materials) that we haven’t had meaningful exposure to over the past few years. We also increased our positions in Emerson Electric, Publicis, HCA Healthcare, FedEx and Samsung. There are several similar themes in our new investments: each is well positioned, has a strong balance sheet and has traded down to what we regard as a very appealing valuation. Some are more cyclical, such as Textron, Mohawk Industries and Heidelberg Cement; while others are either more defensive (Comcast) or represent good secular growth opportunities (Change Healthcare, Applied Materials, Ingredion).
Health care technology company Change Healthcare is the result of a merger between McKesson’s information technology unit and Change Healthcare in 2017. It went public in 2019. The company offers analytical, communication, payment, consumer engagement and workflow software solutions to its extensive customer base, which covers most hospitals, payers and pharmacies in the United States. We appreciate Change’s exposure to a growing market, its diversified revenue stream and its asset-light and cash-flow generating business model. Trading at just 9x forward earnings, we believe Change represents a compelling value opportunity.
Textron is a defense and aviation business with a relatively strong balance sheet and a diversified customer base. Given its cyclical exposure, the company, which primarily sells highly discretionary big-ticket items (such as business jets, helicopters and specialty vehicles), has been negatively affected by concerns about a potential recession. Nevertheless, we like Textron’s strong free-cash-flow generation, which is partly driven by its significant aftermarket recurring revenue. Additionally, we are comforted by the fact that unlike many other industrials/cyclical companies, Textron’s end-markets were already below mid-cycle demand, based on our analysis. We believed the company’s solid competitive position and balance sheet would help it navigate the current difficult environment and would position it well for a rebound in demand.
Mohawk is the world’s largest floor manufacturer with leading market positions in all flooring categories (i.e., rugs, tile, laminate, vinyl, stone and wood). Its solid market footing, vertical integration, scale, product breadth and fragmented customer base have given Mohawk a significant competitive advantage and has enabled it to generate robust returns on invested capital. Similar to Textron, Mohawk is a cyclical company with a market leadership position and a relatively strong balance sheet whose stock saw a significant price decline (down over 50% during the first quarter). Historically, even during the global financial crisis, the company has generated positive free cash flows thanks to its dominant competitive position. Our analysis found that Mohawk offers a
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Brandes Global Equity Fund
compelling risk/reward tradeoff at its current valuation, even if we assume a significant revenue hit and give the company no credit for its recent investments.
Heidelberg Cement is the world’s second-largest global cement producer. Despite strong free-cash-flow generation, the company’s shares have been under pressure during the past five years. Within its U.S. operations, both residential and infrastructure building (two-thirds of U.S. business) are depressed, while within its European business the historically intense competitive environment is improving as industry capacity has decreased. These two operating jurisdictions should benefit significantly if any of the government infrastructure stimulus currently in discussion were to materialize, although it should be noted that this stimulus would be just an upside to our valuation as our investment thesis does not hinge on it.
Additionally, we added to several of our oil- and gas-related holdings, including BP and Total, after the Saudi Arabia-Russia dispute erupted. We think that oil prices below $30 per barrel are likely unsustainable. And while we cannot predict when this dispute may be resolved, both countries could experience real national fiscal impairment if the price remains well under $50, so we believe they should eventually be motivated to reach an agreement. Current events could adversely affect near-term profits but also create a more favorable supply-demand environment. Lower prices typically stimulate demand, and cuts in capex typically reduce supply, which can lead to a different future supply-demand equation, potentially to the point where demand outstrips supply. This has happened often in the past after significant oil price corrections.
We have focused our investments on specific integrated oil companies whose balance sheets should allow them to survive and capitalize on the downturn and who also have relatively low-cost production. As an example, ENI trades at a lower market value than in 1996 despite doubling its production since then. It has a good debt maturity profile, and while capex is ramping down the company still has strong production growth.
We are not investing in any pure-play, shale-focused exploration and production companies, as many of these lack the balance sheet and cost structure characteristics we’re seeking. We believe many of these companies will likely have to go through restructuring and/or will be bought at a discount by stronger competitors, some of which may be the large integrated companies we own.
In the early days of the virus situation, we seized on the market’s higher valuations to pare/sell some of our holdings that had enjoyed strong price appreciation but would likely have experienced some COVID-19 consequences.
In the first quarter, we pared NXP Semiconductor and PNC, and sold HSBC and Jefferies. We also reduced our Microsoft shares as its stock price benefitted from being a high-visibility, low-volatility safety trade. More recently, we have been selling certain financials to improve the overall quality of our holdings in that sector and to diversify into others that have been heavily sold off.
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Brandes Global Equity Fund
Although it may seem counterintuitive in a declining price environment, we may undertake additional selective pares/sells to generate cash and/or invest in other companies that look more attractive from a long-term risk/reward perspective.
At the end of March, the Fund's largest country weights were in the United States and the United Kingdom, and the Fund's largest industry weights were in Pharmaceuticals and Health Care Providers & Services. Please note that while macro conditions are considered when we determine valuation estimates for individual companies, our country and industry weightings are a by-product of bottom-up stock selection, not the result of top-down observations.
Looking Forward
In September 2019, value stocks enjoyed notable outperformance versus the broader market on indications that the trade war was thawing. This would have likely given companies the confidence and willingness to invest in capex, provided support for the economy, delivered a tailwind for interest rates to increase and perhaps alleviated some investor uncertainty that influences value/growth multiples. COVID-19 has impeded that progress, but we believe that it too will eventually pass. As of March 31, value stocks traded cheaper relative to the market than at any point during the past 70 years, with the exception of the technology bubble in the late 1990s. Based on our experience, and in our opinion, the potential for multi-year performance recovery from such a large value discount suggests that many clients may benefit from style rebalancing.
As the world seeks to contain and address COVID-19 and as governments spend huge sums to stabilize their economies, we are confident the market will start to favor strong fundamentals: this should bode well for the prices of companies we own over the long term. The current situation has several parallels with prior crises: the Asian financial crisis, post-September 11, 2001, the GFC and the euro debt crisis. Historically, it is periods of extreme volatility when prices deviate entirely from underlying fundamental value that have provided the best opportunities to pursue long-term capital appreciation. We consider these factors at the company and at the portfolio levels by always seeking a margin of safety (discount of market price to our estimate of intrinsic value). At present, the Fund’s portfolio margin of safety has risen to the highest levels we have seen in almost 10 years, which suggests future long-term upside potential.
Sincerely yours,
The Brandes Global Large-Cap Investment Committee
Brandes Investment Trust
Because the values of the Fund’s investments will fluctuate with market conditions, so will the value of your investment in the Fund. You could lose money on your investment in the Fund, or the Fund could underperform other investments. The values of the Fund’s investments fluctuate in response to the activities of individual companies and general stock market and economic conditions. In addition, the performance of foreign securities depends on the political and economic environments and other overall
16


Brandes Global Equity Fund
economic conditions in the countries where the Fund invests. Emerging country markets involve greater risk and volatility than more developed markets. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar. Value stocks typically are less volatile than growth stocks; however, issues of value stocks typically have a lower expected growth rate in earnings and sales than issues of growth stocks.
Please refer to the Schedule of Investments in the report for complete holdings information. Fund holdings, geographic allocations and/or sector allocations are subject to change at any time and are not considered a recommendation to buy or sell any security.
The foregoing reflects the thoughts and opinions of Brandes Investment Partners® exclusively and is subject to change without notice.
Brandes Investment Partners® is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada.
Must be preceded or accompanied by a prospectus.
Index Guide
The MSCI World Index with net dividends captures large and mid cap representation of developed markets.
MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.
One cannot invest directly in an index.
Capital Expenditure (Capex): The purchase of new equipment or the improvement of long-term assets, namely property, plant, and equipment.
Cash Flow: The amount of cash generated minus the amount of cash used by a company in a given period.
Forward Earnings: Sell-side analysts’ consensus earnings estimates for the next fiscal year.
Free Cash Flow: Total cash flow from operations less capital expenditures.
Margin of Safety: The discount of a security’s market price to what the firm believes is the intrinsic value of that security.
Return on Invested Capital: Net income minus dividends divided by total capital; used to assess a company's efficiency at allocating the capital under its control to profitable investments.
The Brandes Global Equity Fund is distributed by ALPS Distributors, Inc.
17


Brandes Global Equity Fund
The following chart compares the value of a hypothetical $100,000 investment in the Brandes Global Equity Fund – Class I from March 31, 2010 to March 31, 2020 with the value of such an investment in the MSCI World Index for the same period.
Value of $100,000 Investment vs MSCI
World Index (Unaudited)
 Average Annual Total Return
Periods Ended March 31, 2020
 One
Year
 Three
Years
 Five
Years
 Ten
Years
 Since
Inception(1)
Brandes Global Equity Fund         
Class A*

-22.92% -6.53% -2.73% 2.64% 3.36%
Class A *(with maximum sales charge)

-27.35% -8.36% -3.87% 2.03% 2.83%
Class C*

-23.52% -7.22% -3.45% 1.85% 2.57%
Class C *(with maximum sales charge)

-24.27% -7.22% -3.45% 1.85% 2.57%
Class I

-22.75% -6.30% -2.49% 2.87% 3.60%
MSCI World Index

-10.39% 1.92% 3.25% 6.57% 7.05%
    
(1)The inception date is October 6, 2008.
*Performance shown prior to January 31, 2011 for Class A shares reflects the performance of Class I shares adjusted to reflect Class A expenses. Performance shown prior to January 31, 2013 for Class C shares reflects the performance of Class I shares adjusted to reflect Class C expenses.
Performance data quoted represents past performance; past performance does not indicate future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800-331-2979.
18


Brandes Global Equity Fund
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
Sector Allocation as a Percentage of Total Investments as of
March 31, 2020 (Unaudited)
The sector classifications represented in the graph above are in accordance with Global Industry Classification Standard (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC.
19


Brandes Global Equity Income Fund
Dear Fellow Investor,
The net asset value of the Brandes Global Equity Income Fund (Class I Shares) fell 19.35% in the six months ended March 31, 2020. During the same period, the MSCI World Index declined 14.30%.
Fueled by uncertainties surrounding the coronavirus pandemic, global equity markets succumbed to a swift and widespread downturn in the first quarter 2020, which was unlike anything investors have seen since the 2008 global financial crisis (GFC). We recognize that the situation remains fluid and has many unknowns. However, we believe that amid the downturn, there are positive factors to consider for value-focused investors.
The market selloff broadened and improved the value opportunity set, enabling us to add capital to our current holdings exhibiting large discrepancies between price and intrinsic value estimates. Factors such as the increased valuation discrepancy between value and growth stocks, improvement in potential investment opportunities and a significant increase in the Fund’s margin of safety have led to a rise in portfolio activity. These factors also inspire optimism about the future return prospects of the Fund, in our view.
Performance over the six months ended March 31, 2020 was led by contributions from Fund holdings in Germany, while results were hampered by holdings in the United Kingdom, the United States and France. From an industry perspective, Fund holdings in the software, chemicals, and health care providers & services were contributors to performance, while holdings in banks, media and oil gas & consumable fuels detracted from returns.
Three of the largest individual contributors to performance were Microsoft Corporation (U. S. software company), BASF SE (German chemical maker) and Total SA (French-based oil & gas company). Conversely, Fibra Uno Administracion SA de CV (Mexican real estate investment trust), WPP Plc (U. K. media firm) and Wells Fargo & Company (U.S. bank) were three of the largest detractors from performance.
As we entered 2020, the Brandes Global Equity Income Fund was positioned quite differently from the broader indices (MSCI World Index/MSCI All Country World Index). However, we did not attempt to make a particular economic call. The Fund’s cash weighting was slightly elevated because it became more difficult to find a lot of new value opportunities to replace some of the companies we sold when they reached our estimates of intrinsic value. This was especially true in the United States where we had a significant underweight for several years because broad market valuations seemed high and we believed there were better investment opportunities outside the U.S. market.
While the low interest-rate, modest economic-growth environment would suggest holding many defensive, structurally advantaged, and/or bond proxy-type companies (e.g., consumer staples and utilities), we believed many of these businesses had been
20


Brandes Global Equity Income Fund
trading at premiums well beyond our intrinsic value estimates. Instead, we focused on select opportunities, such as U.K. food retailers with good defensive qualities, but had been sold due to short-term concerns surrounding Brexit. This focus led us to buy solid businesses at modest valuations. These investments have generally held up well during the market selloff.
Health care was another key allocation. The sector performed well during the downturn. The Fund’s health care holdings, including global pharmaceutical and supply-chain companies, generally offer more attractive fundamentals (i.e., earnings growth and low leverage) but at significantly lower valuations than other defensive stocks commanding a premium, such as those in consumer staples and utilities. If the global economy enters a recession or a longer-than-expected downturn, the Fund’s defensive health care holdings may provide good relative returns.
The Fund also had an overweight position in financials, which is an economically sensitive sector that could materially benefit when the economy eventually starts to recover. On the flipside, the sector may be prone to experience headwinds during a downturn. Nonetheless, most of the Fund’s holdings in financials were already priced at such large discounts to our estimates of intrinsic values and fully reflected a recession scenario. As we mentioned in previous quarterly commentaries, our U.S. bank holdings had distinct financial profiles prior to the GFC and the recent market downturn. These holdings had very strong balance sheets with excess capital, as defined by the Federal Reserve’s punitive stress tests under its Comprehensive Capital Analysis and Review. Many of our holdings (e.g., Wells Fargo and Citigroup) could benefit from major investments in technology upgrades. Additionally, these companies are currently in a strong position to lower their cost structures. Wells Fargo may be able to eventually eliminate its elevated legal/administrative expenses arising from its 2016 fake accounts case.
Generally, the Fund’s holdings exhibited a combination of strong competitive and diversified positions in their respective industries, deeply discounted prices (relative to our assessment of their fundamentals), and balance sheets that we feel will enable these companies to weather a prolonged economic downturn.
Recent Portfolio Activity
The significant market moves in late Q1 2020 enabled us to improve the Fund’s risk/reward balance, in our view. Fund activity increased significantly compared to previous quarters.
In a time of extreme volatility, we’ve observed the market’s overreaction to sell, which included attractive businesses with strong balance sheets that may have been sold out of fear of near-term coronavirus/economic impact. This has presented opportunities, as we always focus on balance sheet strength when evaluating potential investments. This focus is paramount today because we’re seeking companies that have a good chance of surviving the downturn and capitalize on it to achieve a stronger competitive position.
21


Brandes Global Equity Income Fund
We have also been discussing the merit of taking prudent risks to potentially benefit from price dislocations. We do not simply aim to buy companies with the safest balance sheets. Importantly, we select companies that combine a strong competitive position, a deeply discounted price (relative to our assessment of their fundamentals), and solid balance sheets that allow them to withstand a prolonged economic downturn, should it occur.
We recently initiated a position in German chemical company, BASF. BASF is the world’s largest diversified chemical company and is known for its innovation. The firm also appears to be shareholder oriented, with a strong dividend yield and share buyback history. Given its cyclical exposure, shares in BASF declined over 30% during the quarter and traded down to a level that we consider attractive from a long-term perspective for a well-positioned company with an attractive dividend yield.
The Fund sold its position in Netherlands-based oil & gas company Royal Dutch Shell. The Fund increased its allocation in France-based integrated-oil company Total, as its price declined following the Saudi Arabia-Russia oil production dispute. We believe that Total offers a better risk/reward tradeoff than Royal Dutch Shell.
In our view, oil prices below $30 per barrel are likely to be unsustainable. While we cannot predict when the dispute may be resolved, Saudi Arabia and Russia may experience fiscal impairment if oil prices remain well under $50. For this reason, we believe both countries should eventually be motivated to reach an agreement. Additionally, while current events may adversely affect near-term profits among oil & gas companies, these could also create a more favorable supply-demand environment. Lower prices typically stimulate demand. The reduction in capital expenditure (capex) among oil & gas companies eventually lowers supply, leading to a different future supply-demand equation, potentially to the point where demand outstrips supply. This happened often after significant oil-price corrections.
We have focused our investments on specific integrated-oil companies with balance sheets that could allow them to withstand and capitalize on the downturn, as well as those with relatively low-cost production. We do not invest in any pure play, shale-focused exploration and production companies, as many of them lack the balance-sheet and cost-structure characteristics we seek. We believe many of these companies will likely have to go through restructuring and/or will be bought at a discount by stronger competitors. Some of the acquirers may be the large integrated companies we own.
The Fund added to positions in several companies where we believed the share-price decline was significantly in excess of the change in intrinsic value. These additions included U.K. ad agency WPP, Wells Fargo, South Korea-based tobacco firm KT& G, Japan-based Honda Motor and U.S.-based Johnson & Johnson.
Prior to the market selloff, we seized the opportunity presented by the market’s higher valuations to pare/sell some of our holdings that had enjoyed strong price appreciation
22


Brandes Global Equity Income Fund
but would likely have experienced some COVID-19 consequences. These included paring positions in Brazil-based telecommunications firm Telefonica Brasil and Switzerland-based insurer Swiss Re, as well as a full sell of U.K.-based financial firm HSBC.
Although it may seem counterintuitive in a declining price environment, we may undertake additional selective pares/sells to generate cash and/or invest in other companies that we deem more attractive from a long-term risk/reward perspective.
At the end of March, the Fund's largest country weights were in the United States and the United Kingdom, and the Fund's largest industry weights were in Pharmaceuticals and Capital Markets. Please note that while macro conditions are considered when we determine valuation estimates for individual companies, our country and industry weightings are a by-product of bottom-up stock selection, not the result of top-down observations.
Looking Forward
In September 2019, value stocks enjoyed notable outperformance versus growth stocks on indications that the U.S.-China trade war was thawing. Additional factors that contributed to value’s outperformance included an increase in CFO confidence and companies’ willingness to invest in capex. Increased capex typically provides support to the economy, delivering a tailwind for interest rates to increase, and alleviating investor fear/uncertainty that influences value/growth multiples. COVID-19 has impeded that progress, but we believe that it too will eventually pass. Alleviating or curtailing the impact of the virus could be added to the multiple potential catalysts for value. However, today, the value style is trading lower relative to the market than at any point during the past 70 years, with the exception of the technology bubble in the late 1990s. Based on our experience, and in our opinion, the potential for multi-year performance recovery from such a large value discount suggests that clients may benefit from style rebalancing.
As the world seeks to contain and address COVID-19 and as governments spend huge sums of money to stabilize their economies, we are confident the market will start to favor strong fundamentals. This should bode well for the prices of companies we own over the long term. The current situation has several parallels with prior crises, including the 1997 Asian Financial Crisis, post-September 11, 2001, the 2008 GFC and the 2011 European debt crisis. Historically, periods of extreme volatility, when prices deviate considerably from underlying fundamental value, have provided appealing opportunities for long-term capital appreciation. We consider these factors by always seeking a margin of safety (discount to our estimate of intrinsic value). At quarter end, the Fund’s margin of safety has risen to the highest levels we have seen since the inception of the Brandes Global Equity Income Fund, which suggests future long-term upside potential.
23


Brandes Global Equity Income Fund
Sincerely yours,
The Brandes Global Large-Cap Investment Committee
Brandes Investment Trust
Because the values of the Fund’s investments will fluctuate with market conditions, so will the value of your investment in the Fund. You could lose money on your investment in the Fund, or the Fund could underperform other investments. The values of the Fund’s investments fluctuate in response to the activities of individual companies and general stock market and economic conditions. In addition, the performance of foreign securities depends on the political and economic environments and other overall economic conditions in the countries where the Fund invests. Emerging country markets involve greater risk and volatility than more developed markets. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar. Value stocks typically are less volatile than growth stocks; however, issues of value stocks typically have a lower expected growth rate in earnings and sales than issues of growth stocks.
Please refer to the Schedule of Investments in the report for complete holdings information. Fund holdings, geographic allocations and/or sector allocations are subject to change at any time and are not considered a recommendation to buy or sell any security.
The foregoing reflects the thoughts and opinions of Brandes Investment Partners® exclusively and is subject to change without notice.
Brandes Investment Partners® is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada.
Must be preceded or accompanied by a prospectus.
Index Guide
The MSCI World Index with net dividends captures large and mid cap representation of developed markets.
The MSCI ACWI Index with net dividends captures large and mid cap representation of developed and emerging markets.
MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.
One cannot invest directly in an index.
24


Brandes Global Equity Income Fund
Capital Expenditure (Capex): An expense a company makes towards the purchase of new equipment or the improvement of its long-term assets, namely property, plant, and equipment.
Dividend Yield: Dividends per share divided by price per share.
Margin of Safety: The discount of a security’s market price to what the firm believes is the intrinsic value of that security.
Share Buyback: The re-acquisition by a company of its own stock.
Yield: Annual income from the investment (dividend, interest, etc.) divided by the current market price of the investment.
Diversification does not assure a profit or protect against a loss in a declining market.
The Brandes Global Equity Income Fund is distributed by ALPS Distributors, Inc.
25


Brandes Global Equity Income Fund
The following chart compares the value of a hypothetical $100,000 investment in the Brandes Global Equity Income Fund – Class I from its inception (December 31, 2014) to March 31, 2020 with the value of such an investment in the MSCI World Index for the same period.
Value of $100,000 Investment vs MSCI
World Index (Unaudited)
 Average Annual Total Return
Periods Ended March 31, 2020
 One
Year
 Three
Years
 Five
Years
 Since
Inception(1)
Brandes Global Equity Income Fund       
Class A

-19.47% -3.84% 0.86% 1.86%
Class A (with maximum sales charge)

-24.08% -5.71% -0.33% 0.72%
Class C

-20.30% -4.94% -0.25% 0.80%
Class C (with maximum sales charge)

-21.07% -4.94% -0.25% 0.80%
Class I

-19.48% -4.25% 0.64% 1.62%
MSCI World Index

-10.39% 1.92% 3.25% 3.54%
    
(1)The inception date is December 31, 2014.
Performance data quoted represents past performance; past performance does not indicate future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800-331-2979.
26


Brandes Global Equity Income Fund
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
Sector Allocation as a Percentage of Total Investments as of
March 31, 2020 (Unaudited)
The sector classifications represented in the graph above are in accordance with Global Industry Classification Standard (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC.
27


Brandes Emerging Markets Value Fund
Dear Fellow Investor,
The net asset value of the Brandes Emerging Markets Value Fund (Class I Shares) declined 28.11% in the six months ended March 31, 2020. During the same period, the MSCI Emerging Markets Index fell 14.56%.
From a country perspective, the Fund benefited from holdings in the United Arab Emirates, Austria and Taiwan, while results were hampered by holdings in Mexico, Brazil and South Korea. In terms of industry, Fund holdings in transportation infrastructure, internet & direct marketing retail and air freight & logistics positively contributed; while holdings in banks, real estate investment trusts (REITs) and media detracted from returns.
Three of the largest individual positive contributors to performance were YDUQS Participacoes S.A. (Brazilian educational services provider), DP World PLC (UAE-based logistics company) and Alibaba Group Holding Ltd. (Chinese technology firm). Conversely, Embraer S.A. (Brazilian regional jet manufacturer), Fibra Uno Administracion SA de CV (Mexican REIT) and Hyve Group PLC (U.K.-domiciled event organizer) were three of the largest detractors from performance.
As we entered 2020, the Brandes Emerging Markets Value Fund had undergone a gradual but meaningful shift over the previous few years. The weighting to companies in Brazil and Russia had decreased as many of our holdings there appreciated to our estimates of their intrinsic values, prompting us to sell the positions. We used some of the proceeds from the divestments to initiate or add to positions in China and the information technology sector, as valuations for select companies became more attractive to us amid market concerns about the trade war and its effects on economic growth. Our allocation to these two areas has nearly doubled over the past two years, although we remained significantly underweight compared to the benchmark at the beginning of the year. Additionally, unlike the Chinese constituents of the MSCI Emerging Markets Index, which are mostly financial or technology-related businesses, our China-based holdings operate in a diverse set of industries.
As one would expect from a value portfolio, the Fund certainly has exposure to cyclical stocks. We remain cognizant of the different stages in the industry cycles to which our holdings are exposed; some of our cyclical holdings had been overearning in a prolonged economic growth environment, while others were earning well below mid-cycle levels prior to the recent downturn. We take comfort in our view that the cyclical companies we own generally exhibit a combination of a strong competitive position in their respective industries, a diversified product mix, a balance sheet that we feel will allow them to weather a full market cycle, and importantly, a deeply discounted price (relative to our assessment of their fundamentals).
28


Brandes Emerging Markets Value Fund
Recent Portfolio Activity
The significant market moves in late Q1 2020 led to a meaningful increase in portfolio activity and investment committee meetings. Our initial focus was to try to estimate how the COVID-19 pandemic and the recent oil-price shock may have affected the intrinsic values of our holdings. We believe the headwinds facing the Fund and the stock market in general are temporary, and we do not see many companies that we believe are likely to suffer significant or permanent impairment to long-term intrinsic value. Most of our holdings are not highly levered and bankruptcy risk is low, in our opinion. Our bank holdings are well capitalized, and we believe they can withstand any associated credit deterioration. Additionally, we have a number of defensive companies that have been holding up well.
New purchases during the first quarter included Zee Entertainment Enterprises, one of India’s leading television and media companies, and the Bank of the Philippine Islands.
The investment committee also initiated a position in Lukoil. In our view, the Russian integrated oil & gas firm represents an example of a compelling value opportunity we found in the sell-off of energy firms driven by the dramatic drop in oil prices. We think it is likely that oil prices below $30 per barrel are unsustainable.
Lukoil is a company that we are very familiar with, as we had owned it for nearly a decade up until early 2019 when it appreciated to our estimate of its intrinsic value, leading us to sell the position. As with our other integrated oil holdings generally, Lukoil has, in our opinion, the balance sheet strength and low-cost production profile that are necessary for navigating the challenging oil-price environment.
In addition to initiating a position in Lukoil, we averaged down on and selectively increased the target allocations for other oil & gas holdings, including PetroChina and Brazil-based Petrobras.
Another area that has been hit particularly hard by the economic impact of COVID-19 is the tourism industry, so it is not surprising that it has represented an area of opportunities for us. We added to our positions in Wynn Macau and TravelSky Technology, while initiating a position in Galaxy Entertainment, a Macau-based company that operates three luxury resort casinos in the region. Investor sentiment toward Galaxy soured with the travel restrictions for visitors from mainland China and Hong Kong, as well as the closure of casinos for two weeks in February. We believe that Wynn Macau’s and Galaxy’s liquidity resources (Galaxy has a large net-cash position) should enable them to endure the current depressed visitations.
While most of the activity so far this year has mainly revolved around adding new companies or averaging down on existing holdings, we did sell a few positions that either appreciated to our estimates of their intrinsic values or we believed we could reallocate into opportunities that have become more attractive. These included Brazil-based health care company Hapvida Participacoes, educational services
29


Brandes Emerging Markets Value Fund
provider YDUQS Participacoes and electronic payment solutions company Cielo, as well as Russian food retailer X5 Retail Group.
Looking Forward
At the end of March 2020, the Fund's largest country weights were in China and South Korea, and the Fund's largest industry weights were in Banks and Wireless Telecommunication Services. Please note that while macro conditions are considered when we determine valuation estimates for individual companies, our country and industry weightings are a by-product of bottom-up stock selection, not the result of top-down observations.
As the world comes to terms with the COVID-19 situation and as governments spend huge amounts to stabilize their economies, we are confident that the market will start to favor strong fundamentals, which may—over the long term—bode well for the prices of the companies we own. There are several parallels to prior crisis periods: the Asian financial crisis, post September 11, 2001, and the global financial crisis. Historically, these periods of extreme volatility, where prices tended to dislocate greatly from value, have often preceded access to long-term capital appreciation. We measure that at the company and portfolio level via margin of safety (discount of market price to our estimate of intrinsic value). With its average margin of safety currently in the same range as it was during these prior crisis periods, we believe the Fund is well positioned for long-term upside potential.
Sincerely yours,
The Brandes Emerging Markets Investment Committee
Brandes Investment Trust
Because the values of the Fund’s investments will fluctuate with market conditions, so will the value of your investment in the Fund. You could lose money on your investment in the Fund, or the Fund could underperform other investments. The values of the Fund’s investments fluctuate in response to the activities of individual companies and general stock market and economic conditions. In addition, the performance of foreign securities depends on the political and economic environments and other overall economic conditions in the countries where the Fund invests. Emerging country markets involve greater risk and volatility than more developed markets. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar. Investments in small and medium capitalization companies tend to have limited liquidity and greater price volatility than investments in larger capitalization companies. Value stocks typically are less volatile than growth stocks; however, issues of value stocks typically have a lower expected growth rate in earnings and sales than issues of growth stocks.
30


Brandes Emerging Markets Value Fund
Please refer to the Schedule of Investments in the report for complete holdings information. Fund holdings, geographic allocations and/or sector allocations are subject to change at any time and are not considered a recommendation to buy or sell any security.
The foregoing reflects the thoughts and opinions of Brandes Investment Partners® exclusively and is subject to change without notice.
Brandes Investment Partners® is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada.
Must be preceded or accompanied by a prospectus.
Index Guide
The MSCI Emerging Markets Index with net dividends captures large and mid cap representation of emerging market countries.
MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.
One cannot invest directly in an index.
Margin of Safety: The discount of a security’s market price to what the firm believes is the intrinsic value of that security.
The Brandes Emerging Markets Value Fund is distributed by ALPS Distributors, Inc.
31


Brandes Emerging Markets Value Fund
The following chart compares the value of a hypothetical $100,000 investment in the Brandes Emerging Markets Value Fund – Class I from March 31, 2010 to March 31, 2020 with the value of such an investment in the MSCI Emerging Markets Index for the same period.
Value of $100,000 Investment vs MSCI
Emerging Markets Index (Unaudited)
 Average Annual Total Return
Periods Ended March 31, 2020*
 One
Year
 Three
Years
 Five
Years
 Ten
Years
 Since
Inception(1)
Brandes Emerging Markets Value Fund         
Class A

-27.59% -9.32% -2.66% -1.37% 5.26%
Class A (with maximum sales charge)

-31.75% -11.10% -3.81% -1.95% 5.00%
Class C**

-28.18% -10.01% -3.40% -2.11% 4.44%
Class C **(with maximum sales charge)

-28.88% -10.01% -3.40% -2.11% 4.44%
Class I

-27.50% -9.12% -2.42% -1.13% 5.49%
Class R6**

-27.28% -8.96% -2.28% -1.03% 5.57%
MSCI Emerging Markets Index

-17.69% -1.62% -0.37% 0.69% 4.94%
    
(1)The inception date is January 31, 2011.
*Prior to January 31, 2011, the Advisor managed a private investment fund with an investment objective, investment policies and strategies that were, in all material respects, equivalent to those of the Brandes Emerging Markets Value Fund. The performance information shown for the Class I shares for periods before January 31, 2011 is that of the private investment fund and reflects the net expenses of the private investment fund. The performance of the private investment fund prior to January 31, 2011 is based on a calculation method that is different from the standardized calculation method prescribed by the SEC.
32


Brandes Emerging Markets Value Fund
 The performance information shown for the Class A shares has been adjusted to reflect the differences in the net expense ratios between the Class I and A shares. The private investment fund was not registered under the Investment Company Act of 1940 (“1940 Act”) and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, which, if applicable, may have adversely affected its performance.
**Performance shown prior to January 31, 2013 for Class C shares reflects the performance of Class I shares adjusted to reflect Class C expenses. Performance shown prior to July 11, 2016 for Class R6 shares reflects the performance of Class I shares adjusted to reflect Class R6 expenses.
Performance data quoted represents past performance; past performance does not indicate future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800-331-2979.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
Sector Allocation as a Percentage of Total Investments as of
March 31, 2020 (Unaudited)
The sector classifications represented in the graph above are in accordance with Global Industry Classification Standard (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC.
33


Brandes International Small Cap Equity Fund
Dear Fellow Investor,
The net asset value of the Brandes International Small Cap Equity Fund (Class I Shares) fell 22.57% in the six months ended March 31, 2020. During the same period, the S&P Developed Ex-U.S. SmallCap Index declined 20.43%.
From a country perspective, positive contributors were led by holdings in Germany, Ireland and Russia; while results were hampered by holdings in the United Kingdom, Mexico and Brazil. In terms of industries, Fund holdings in the health care equipment & supplies, pharmaceuticals and trading companies & distributors industries were contributors to performance; while holdings in commercial services & supplies, equity real estate investment trusts (REITs) and aerospace & defense detracted from returns.
Three of the largest individual positive contributors were Draegerwerk AG & Co. KGaA Pref (German– medical equipment manufacturer), Avadel Pharmaceuticals Plc (Ireland-based pharmaceutical firm) and Mills Estruturas e Servicos de Engenharia S.A (Brazilian construction equipment rental company). Conversely, Embraer S.A. (Brazil-based regional jet manufacturer), Fibra Uno Administracion SA de CV (Mexican REIT) and MITIE Group PLC (U.K.- based facility management company) were three of the largest detractors from performance.
Over the last several years as market participants appeared to be increasingly willing to pay more for risk, our portfolio has generally shifted away from risk. This has produced large underweights to companies exhibiting cyclically elevated earnings, as well as stretched balance sheets and valuation multiples. On the contrary, the Fund has had an elevated cash position and has been heavily skewed to attractively priced, mature businesses with generally defensive characteristics and strong balance sheets. This positioning was not tactical, but rather a function of our sharp focus on price and long-term value.
The COVID-19 event has generated a considerable amount of what we view as indiscriminate selling, which has created select opportunities and inefficiencies that we have been excited to exploit. There are echoes of the asset class appreciation experienced in 2017, but in reverse and more quickly.
When grouped by style, value-oriented sectors, especially cyclicals (i.e., financials, energy, industrials and materials), have led the market decline. This reminds us of other precipitous market downturns such as the global financial crisis (GFC) and the euro crisis.
Many companies with relatively high financial leverage have sold off, regardless of their competitive positioning or other fundamental characteristics. Similar to what we saw in 2008/09, the sell-off is broad-based and seems to be hitting companies with weaker balance sheets the most. Additionally, relative to large caps, small caps have meaningfully underperformed—both domestically and internationally.
34


Brandes International Small Cap Equity Fund
Companies directly affected by the fall in oil price and those experiencing a declining demand as an immediate result of the coronavirus have felt the brunt of the correction. We believe the market could be underestimating the secondary impacts to demand and gross domestic product. Companies perceived as high quality/growth may have a reckoning later in the cycle. This was what happened during the GFC when industry leaders initially outperformed but later suffered as the market realized that their high valuations had not been justified.
Recent Portfolio Activity
With dry powder (cash) on hand and a large allocation to well capitalized companies with less cyclically sensitive cash flow streams, we have been able to take advantage of the recent market sell-off to add new companies to the Fund. We acquired a number of new securities, most at prices which were down close to 40-60% over the trailing twelve months and down 30-60% year to date (as of March 31), creating attractive entry points for us. These purchases were funded with available cash and, to a lesser extent, with small pares across our consumer staples holdings.
The small-cap investment committee has been closely monitoring opportunities we have previously priced and evaluating new ideas that have fallen into our market-cap range. The team has been meeting several times a week to discuss the evolving opportunity set, and is ready to take action as opportunities arise. One of the little-recognized benefits of our firm’s structure is that the small-cap team can leverage research previously supplied to our small/mid-cap and large-cap teams. In addition to sourcing ideas from the firm’s monitoring lists, our research group has been hard at work pricing new ideas that are beginning to offer significant upside potential.
So far, the Fund’s portfolio positioning has not changed much, with continued large underweights to cyclicals and a continued sharp focus on balance sheet durability. Should opportunities in more economically sensitive industries expand, balance sheet strength will be a key driver of our purchase decisions.
We added more than 10 companies operating in a diverse set of sectors/industries. Among the new purchases were Kingfisher, Cameco, Marks & Spencer, Hankook Tire, Bankia and Danieli.
Italy-based Danieli primarily sells equipment for steel plants, competing in a niche industry where the top three players, one of which is Danieli, have approximately 20-25% market share each. Most of Danieli’s production is in Italy.
Down over 30% year to date, Danieli’s stock is an example of the apparently indiscriminate market selling that has taken place. For decades, through multiple market cycles, Danieli has generated stable free cash flow and a low double-digit return on equity. Despite this strength, the company is trading at what we see as very attractive valuation levels, less than 10x forward earnings and 40% of tangible book value as of March 31. Even more indicative of the undervaluation, in our opinion, is the fact that prior to the sell-off, the company had a negative enterprise value, where net cash and
35


Brandes International Small Cap Equity Fund
investments were greater than its market capitalization. While the company does have working capital needs, with the market sell-off the net cash is now nearly double the company’s market capitalization.
In addition to making new purchases, we also had the opportunity to average down on and increase the target allocations on a number of existing positions. Our focus has been to try to identify those businesses where the share-price decline significantly outpaced the change in our intrinsic value estimates. Komori is a great example of this. A global leader in a three-player oligopoly, the Japanese printing presses manufacturer was trading below its net cash and investments prior to the sell-off. Despite this, the stock price was down 30% in the quarter, underperforming many of the deep cyclicals that we have been monitoring. In fact, most of our high net-cash Japanese small caps have sold off with the broader market, and we took the opportunity to accumulate more shares in these defensive and attractively priced securities. The same was true for many of our consumer staples holdings, which were overall positive contributors to relative returns but declined over 20% on an absolute basis in the first quarter. For example, C&C Group was down over 50%, and trading at just 9x earnings while paying a 6% dividend yield (as of March 31). The company was founded in the early 1900s and sells branded beer and cider with strong market shares in Ireland (70% of cider market) and Scotland (50% of beer). We believe this is a great business at an extremely attractive valuation.
Looking Forward
Because the market selling has been indiscriminate, we haven’t shifted the overall portfolio positioning much. At the end of March 2020, the Fund's largest country weights were in Japan and the United Kingdom, and the Fund's largest industry weights were in food & staples retailing and banks.
We are beginning to see exciting opportunities in select areas, such as European industrials and energy, but we remain wary of companies that have what we consider stretched valuations and too much balance sheet leverage. While we have long been focused on balance sheet strength when evaluating potential investments, we believe this focus is paramount today as we’re looking for companies that are not only well equipped to survive a downturn, but also in the position to come out of it with a stronger competitive position.
As the world comes to terms with the COVID-19 situation and as governments spend huge amounts to stabilize their economies, we are confident that the market will start to favor strong fundamentals, which may—over the long term—bode well for the prices of the companies we own. There are several parallels to other crisis periods: the Asian financial crisis, post September 11, 2001, the global financial crisis and the euro crisis. Historically, these periods of extreme volatility, where prices tended to dislocate greatly from value, have often preceded access to long-term capital appreciation. We measure that at the company and portfolio levels via margin of safety (discount of market price to our estimate of intrinsic value). With its average margin of safety currently in the
36


Brandes International Small Cap Equity Fund
same range as it was during these prior crisis periods, we believe the Brandes International Small Cap Equity Fund is well positioned for long-term upside potential.
Sincerely yours,
The Brandes Small-Cap Investment Committee
Brandes Investment Trust
Because the values of the Fund’s investments will fluctuate with market conditions, so will the value of your investment in the Fund. You could lose money on your investment in the Fund, or the Fund could underperform other investments. The values of the Fund’s investments fluctuate in response to the activities of individual companies and general stock market and economic conditions. In addition, the performance of foreign securities depends on the political and economic environments and other overall economic conditions in the countries where the Fund invests. Emerging country markets involve greater risk and volatility than more developed markets. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar. Investments in small and medium capitalization companies tend to have limited liquidity and greater price volatility than investments in larger capitalization companies. Value stocks typically are less volatile than growth stocks; however, issues of value stocks typically have a lower expected growth rate in earnings and sales than issues of growth stocks.
Please refer to the Schedule of Investments in the report for complete holdings information. Fund holdings, geographic allocations and/or sector allocations are subject to change at any time and are not considered a recommendation to buy or sell any security.
The foregoing reflects the thoughts and opinions of Brandes Investment Partners® exclusively and is subject to change without notice.
Brandes Investment Partners® is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada.
Must be preceded or accompanied by a prospectus.
Index Guide
The S&P Developed Ex-U.S. SmallCap Index with net dividends measures the equity performance of small-capitalization companies from developed markets excluding the United States.
One cannot invest directly in an index.
Dividend Yield: Dividends per share divided by price per share.
Margin of Safety: The discount of a security’s market price to what the firm believes is the intrinsic value of that security.
37


Brandes International Small Cap Equity Fund
Cash Flow: The amount of cash generated minus the amount of cash used by a company in a given period.
Free Cash Flow: Total cash flow from operations less capital expenditures.
Forward Earnings: Sell-side analysts’ consensus earnings estimates for the next fiscal year.
Net Cash: Total cash minus total debt.
Price/Earnings: Price per share divided by earnings per share.
Return on Equity: Net income divided by shareholder’s equity.
Tangible Book Value: Book value minus intangible assets (e.g., goodwill).
The Brandes International Equity Small Cap Equity Fund is distributed by ALPS Distributors, Inc.
38


Brandes International Small Cap Equity Fund
The following chart compares the value of a hypothetical $100,000 investment in the Brandes International Small Cap Fund – Class I from March 31, 2010 to March 31, 2020 with the value of such an investment in the S&P Developed Ex-U.S. SmallCap Index for the same period.
Value of $100,000 Investment vs S&P Developed
Ex-U.S. SmallCap Index (Unaudited)
 Average Annual Total Return
Periods Ended March 31, 2020*
 One
Year
 Three
Years
 Five
Years
 Ten
Years
 Since
Inception(1)
Brandes International Small Cap Equity Fund         
Class A

-26.17% -13.80% -5.75% 2.19% 6.69%
Class A (with maximum sales charge)

-30.41% -15.49% -6.86% 1.59% 6.43%
Class C**

-26.70% -14.44% -6.45% 1.44% 5.90%
Class C **(with maximum sales charge)

-27.43% -14.44% -6.45% 1.44% 5.90%
Class I

-25.93% -13.58% -5.53% 2.43% 6.95%
Class R6**

-25.85% -13.50% -5.44% 2.51% 7.01%
S&P Developed Ex-U.S. SmallCap Index

-19.83% -4.19% -0.20% 3.86% 5.18%
    
(1)The inception date is February 1, 2012.
*Prior to February 1, 2012, the Advisor managed a private investment fund with an investment objective, investment policies and strategies that were, in all material respects, equivalent to those of the Brandes International Small Cap Fund. The performance information shown for the Class I shares for periods before February 1, 2012 is that of the private investment fund and reflects the net expenses of the private investment fund. The performance of the private investment fund prior to February 1, 2012 is based on
39


Brandes International Small Cap Equity Fund
 a calculation method that is different from the standardized calculation method prescribed by the SEC. The performance information shown for the Class A shares has been adjusted to reflect the differences in the net expense ratios between the Class I and A shares. The private investment fund was not registered under the Investment Company Act of 1940 (“1940 Act”) and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, which, if applicable, may have adversely affected its performance.
**Performance shown prior to January 31, 2013 for Class C shares reflects the performance of Class I shares adjusted to reflect Class C expenses. Performance shown prior to June 27, 2016 for Class R6 shares reflects the performance of Class I shares adjusted to reflect Class R6 expenses.
Performance data quoted represents past performance; past performance does not indicate future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800-331-2979.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
Sector Allocation as a Percentage of Total Investments as of
March 31, 2020 (Unaudited)
The sector classifications represented in the graph above are in accordance with Global Industry Classification Standard (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC.
40


Brandes Small Cap Value Fund
Dear Fellow Investor,
The net asset value of the Brandes Small Cap Value Fund (Class I Shares) declined 18.94% in the six months ended March 31, 2020. During the same period, the Russell 2000 Index fell 23.72%.
During this time period, the Fund’s performance was aided by holdings in the pharmaceuticals, biotechnology and food products industries, while holdings in machinery, oil gas & consumable fuels and aerospace & defense detracted from returns. From a company perspective, three of the largest individual contributors to performance were Avadel Pharmaceuticals Plc, consumer products company CSS Industries and PDL BioPharma. Conversely, small machinery producer Briggs & Stratton Corporation, jetmaker Embraer S.A. and Chesapeake Energy Corp were three of the largest detractors from performance.
To be sure, the COVID-19 event created an especially volatile Q1 2020 with a sell-off as swift and as widespread as anything seen since the global financial crisis (GFC). We recognize that the situation remains fluid and has many unknowns. However, the sell-off has generally broadened and improved our opportunity set. We have acquired a number of new securities, most at prices which were down close to 40-60% over the trailing 12 months and down 30-60% year-to-date through March 31, 2020, creating attractive entry points for us. These purchases were funded mostly with cash on hand.
We added seven companies from a diverse set of sectors/industries. Among the new purchases were specialty retailer Aaron’s; food and staples retailer Weis Markets; poultry producer Sanderson Farms; food and staples retailer Ingles Markets; and energy, transportation, and construction infrastructure manufacturer L.B. Foster Company
We’ve also taken the opportunity to average down on and increase our target allocation in a number of existing positions. These include communications equipment company Netgear; fresh egg producer Cal-Maine Foods; energy, commodities, and services company World Fuel Services; biotechnology company United Therapeutics, homebuilder Taylor Morrison Home; oilfield services company Halliburton; aerospace and defense conglomerate Textron; health care technology company Change Healthcare; and motorcycle manufacturer Harley-Davidson. and health insurer Triple-S Management.
Halliburton (HAL) is the second-largest oilfield service company in the world. The company has dominant market positions in products and services that require significant operational efficiency with modest technical knowhow. This status is best reflected in HAL’s leading standing in pressure pumping, a key service needed to finish unconventional shale wells. Its strong growth in capital expenditures in the U.S. over the past two years has allowed HAL to outpace its multinational peers.
The company’s stock price has decreased by more than 70% this year and is a casualty of the price war between Saudi Arabia and Russia, plus the market’s negative response
41


Brandes Small Cap Value Fund
to COVID-19. HAL is now trading at its lowest level (i.e., about equal to its 1972 stock price) since before Brandes was founded. We believe the sell-off has created a tremendous opportunity to invest in a dominant oilfield services company. While Halliburton carries debt, the terms are well into the future with only limited maturities over the next two years, and the company has a high credit rating. We believe that HAL can weather a lower oil price environment, and we do not believe oil prices are sustainable under $30 per barrel.
During the period, the Fund sold several positions including its holdings in International Speedway and Alexander & Baldwin.
Looking Forward
At the end of March, the Fund's largest industry weights were in Biotechnology and Communications Equipment. Please note that while macro conditions are considered when we determine valuation estimates for individual companies, our industry weightings are a by-product of bottom-up stock selection, not the result of top-down observations.
As the world comes to terms with the coronavirus situation and as governments spend huge amounts to stabilize their economies, we are confident that the market will start to favor strong fundamentals which may—over the long-term—bode well for the prices of the companies we own. There are several parallels to other crisis periods. Historically, these periods of extreme volatility, when prices tended to dislocate greatly from value, have often preceded long-term capital appreciation. We measure that at the company and portfolio levels via margin of safety (discount of market price to our estimate of intrinsic value). With its average margin of safety currently in the same range as it was during these prior crises, we believe the Brandes Small Cap Value Fund is well positioned for upside potential over the long term.
Sincerely yours,
The Brandes Small-Cap Investment Committee
Brandes Investment Trust
Because the values of the Fund’s investments will fluctuate with market conditions, so will the value of your investment in the Fund. You could lose money on your investment in the Fund, or the Fund could underperform other investments. The values of the Fund’s investments fluctuate in response to the activities of individual companies and general stock market and economic conditions. Investments in small and medium capitalization companies tend to have limited liquidity and greater price volatility than investments in larger capitalization companies. Value stocks typically are less volatile than growth stocks; however, issues of value stocks typically have a lower expected growth rate in earnings and sales than issues of growth stocks.
42


Brandes Small Cap Value Fund
Please refer to the Schedule of Investments in the report for complete holdings information. Fund holdings, geographic allocations and/or sector allocations are subject to change at any time and are not considered a recommendation to buy or sell any security.
The foregoing reflects the thoughts and opinions of Brandes Investment Partners® exclusively and is subject to change without notice.
Brandes Investment Partners® is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada.
Must be preceded or accompanied by a prospectus.
Index Guide
The Russell 2000 Index with gross dividends measures the performance of the small cap segment of the U.S. equity universe.
One cannot invest directly in an index.
Capital expenditure: An expense towards the purchase of new equipment or the improvement of long-term assets, namely property, plant and equipment.
Margin of Safety: The discount of a security’s market price to what the firm believes is the intrinsic value of that security.
Market Capitalization: The number of common shares outstanding multiplied by the current market price per common share.
The Brandes Small Cap Value Fund is distributed by ALPS Distributors, Inc.
43


Brandes Small Cap Value Fund
The following chart compares the value of a hypothetical $100,000 investment in the Brandes Small Cap Value Fund – Class I from March 31, 2010 to March 31, 2020 with the value of such an investment in the Russell 2000 Total Return Index for the same period.
Value of $100,000 Investment vs Russell 2000 Total
Return Index (Unaudited)
 Average Annual Total Return
Periods Ended March 31, 2020*
 One
Year
 Three
Years
 Five
Years
 Ten
Years
 Since
Inception(1)
Brandes Small Cap Value Fund         
Class A

-19.21% -6.77% 0.49% 7.21% 5.16%
Class A (with maximum sales charge)

-23.87% -8.58% -0.68% 6.58% 4.88%
Class I

-18.94% -6.49% 0.79% 7.51% 5.42%
Class R6

-24.59% -8.54% -0.54% 6.80% 5.11%
Russell 2000 Total Return Index

-23.99% -4.64% -0.25% 6.90% 5.61%
    
(1)The inception date is January 2, 2018.
*Prior to January 2, 2018, the Advisor managed a private investment fund with an investment objective, investment policies and strategies that were, in all material respects, equivalent to those of the Brandes Small Cap Value Fund. The performance information shown for the Class I shares for periods before January 2, 2018 is that of the private investment fund and reflects the net expenses of the private investment fund. The performance of the private investment fund prior to January 2, 2018 is based on a calculation method that is different from the standardized calculation method prescribed by the SEC. The performance information shown for the Class A shares has been adjusted to reflect the differences in the net expense ratios between the Class I and A shares. Performance shown prior to January 2, 2018 for Class R6 shares reflects the performance of Class I shares. The private investment fund was not registered under the Investment Company Act of 1940 (“1940 Act”) and was not subject to certain investment
44


Brandes Small Cap Value Fund
 limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, which, if applicable, may have adversely affected its performance.
Performance data quoted represents past performance; past performance does not indicate future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800-331-2979.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
Sector Allocation as a Percentage of Total Investments as of
March 31, 2020 (Unaudited)
The sector classifications represented in the graph above are in accordance with Global Industry Classification Standard (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC.
45


Brandes Core Plus Fixed Income Fund
Dear Fellow Investor,
The net asset value of the Brandes Core Plus Fixed Income Fund (Class I Shares) increased 2.13% in the six months ended March 31, 2020. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index rose 3.33%.
Coronavirus, lockdown, shelter in place, self-quarantine and social distancing were not part of the normal lexicon but have quickly become the ubiquitous language defining this unusual period.
The coronavirus pandemic upended the markets in March, following solid gains among many equity and fixed-income sectors in January and February.
Within fixed income, both investment-grade and high-yield corporate bonds experienced historic declines in March, with the Bloomberg Barclays U.S. Credit Index posting its worst month of excess returns (versus similar maturity U.S. Treasuries) in the index’s history.
Amid heightened volatility during this time, there were cries among some investors that the fixed-income market was broken, until the Federal Reserve (Fed) stepped in with a stimulus package that has the potential to make the 2008 Global Financial Crisis (GFC) intervention look like child’s play.
The Fed certainly dug deep within its tool kit in an attempt to mitigate market damage. Among the central bank’s biggest moves included a reduction of the federal funds rate to zero, the intention to purchase as many U.S. Treasury and agency mortgage-backed securities (MBS) as necessary, and the creation of a new facility that will purchase investment-grade corporate bonds and exchange-traded funds (ETFs) in the primary and secondary markets. The net result is that the Fed can potentially triple the size of its balance sheet from pre-pandemic levels if it fully utilizes its announced emergency lending capacity. During March, the Fed purchased $843 billion of U.S. Treasury securities and $292 billion of Agency MBS—for a combined total of $1.1 trillion.1
To put those figures in context, prior to March 2020, the Fed’s third round of formal quantitative easing from September 2012 to October 2014 totaled $1.6 trillion in U.S. Treasury and agency MBS. Additionally, estimates coming into the year projected agency MBS net supply for 2020 around $285 billion, which means the Fed just effectively purchased 102% of projected net annual supply over a couple of weeks in March.2
As far as the market being broken—unlike during the GFC—the primary market activity was robust and active for issuers with solid credit fundamentals and investors well positioned in their portfolios with cash and U.S. Treasuries to spend. During the last full week of March, the investment grade primary market saw 49 issuers price

1U.S. Insights: The Fed’s Balance Sheet Could Reach $12 Trillion, Bloomberg, 4/2/2020.

2Source: Citigroup’s Global Securitized Products Weekly, 3/22/2020
46


Brandes Core Plus Fixed Income Fund
$109 billion in new issue supply—the largest week of outstanding notional issuance in history. On average, order books were 6.7 times oversubscribed.3
Year-to-Date Performance
The Fund’s higher allocation to U.S. Treasuries aided returns, as all other taxable fixed-income sectors posted negative returns relative to U.S. Treasuries during the period. Throughout the period, the Fund’s U.S. Treasury weight was consistently between 50% and 55%.
The Fund’s weightings favored shorter-maturity corporate bonds which also helped performance. The average duration of the Fund’s corporate holdings was under three years for much of the period, until the last two weeks of the first quarter when purchase activity extended the duration to just above three years. The average duration of corporate bonds in the benchmark was approximately eight years. During the first quarter, 1-3 year maturity investment-grade corporate bonds outperformed 7-10 year maturity corporate bonds by over 10%.
Furthermore, our underweight to agency MBS aided returns. While agency MBS staged a fierce rally after the Fed announced a direct purchase program of agency MBS in March, they still underperformed U.S. Treasuries during the period.
Detracting from returns was the Fund’s overall duration position. The duration was positioned within a band of approximately 80% to 89% of the benchmark’s duration during the first quarter. This positioning detracted from relative returns as interest rates fell dramatically across the yield curve.
Within corporate bonds, our allocation to the energy industry was the largest detractor from returns. Prior to the pandemic, the industry was already dealing with the challenge of low oil and natural gas prices from a relatively benign winter season. The coronavirus pandemic created a more acute demand shock and production disagreements between Saudi Arabia and Russia, leading to a supply shock. The combination of lower demand and increased supply sent oil prices to the lowest levels in 18 years.
Toward the end of the first quarter, we viewed the dramatic corporate-bond market selloff as an opportunity to add to a number of existing holdings. These included Netflix (2021 maturity), Avon Products (2022 maturity), Wyndham Destinations (2023 maturity), Iron Mountain (2027 maturity) and JPMorgan (perpetual floating rate note). We added one new holding in Charter Communications (2025 maturity). The total size of the additions was between 2.5% to 3% of the portfolios. We used a combination of cash, U.S. Treasuries and proceeds from a Wells Fargo holding that was called in mid-March to fund the purchases.

3Source: Citigroup New Issue IB Chat 3/30/2020
47


Brandes Core Plus Fixed Income Fund
The consistent themes running through the portfolio's purchase activity was a preference for shorter maturities and allocation to credits that we believe have resilient and repeatable cash flows during this time of heightened uncertainty.
Outlook
Over the past few weeks, we have witnessed a number of pundits and talking heads declaring that this is the time to buy risk assets. Our question is, how can they possibly know that?
Does anyone remember that in late 2008/early 2009, there were three separate rallies in the broad U.S. equity indices of at least 20% before the equity market (and the credit markets) found an ultimate bottom in March 2009?
In our view, there are currently more unknowns in the market than at any time since the dark days of the GFC in 2008/2009. It is simply difficult, if not impossible, to accurately predict the depth and breadth of the human and economic damage from this pandemic.
Investors and pundits want to believe in a robust rebound, such as a V-shaped recovery, but basic belief is not a sound investment philosophy, in our opinion. We feel that the current investment environment requires continued patience to get a holistic picture of the extent of the economic damage.
While we feel it is too early and potentially dangerous to declare this period as the time to buy, we do think that it is a time to buy. Fundamental values have improved—this is what we believe matters most to long-term performance. For example, value opportunities have emerged among fundamentally solid credits sold by investors needing to raise cash in a market downturn, as technical dislocations have been a prominent feature over the past few weeks.
In this challenging investment environment, we remain on the lookout for opportunities to thoughtfully redeploy cash and U.S. Treasuries into value-oriented securities, as we continue our measured, deliberate and cautious approach in reallocating capital in the coming months.
As always, thank you for your business and continued trust.
Sincerely yours,
The Brandes Fixed Income Investment Committee
Brandes Investment Trust
Because the values of the Fund’s investments will fluctuate with market conditions, so will the value of your investment in the Fund. You could lose money on your investment in the Fund, or the Fund could underperform other investments. The values of the Fund’s investments fluctuate in response to the activities of individual companies and general stock market and economic conditions. In addition, the performance of foreign securities depends on the political and economic environments and other overall economic conditions in the countries where the Fund invests. Emerging country markets involve greater risk and volatility than more developed markets. Some
48


Brandes Core Plus Fixed Income Fund
emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar. It is not possible to invest directly in an index.
As with most fixed income funds, the income on and value of your shares in the Fund will fluctuate along with interest rates. When interest rates rise, the market prices of the debt securities the Fund owns usually decline. When interest rates fall, the prices of these securities usually increase. Generally, the longer the Fund’s average portfolio maturity and the lower the average quality of its portfolio, the greater the price fluctuation. The price of any security owned by the Fund may also fall in response to events affecting the issuer of the security, such as its ability to continue to make principal and interest payments or its credit rating. Below investment grade debt securities are speculative and involve a greater risk of default and price change due to changes in the issuer’s creditworthiness. The market prices of these debt securities may fluctuate more than the market prices of investment grade debt securities and may decline significantly in periods of general economic difficulty.
Please refer to the Schedule of Investments in the report for complete holdings information. Fund holdings, geographic allocations and/or sector allocations are subject to change at any time and are not a recommendation to buy or sell any security.
The foregoing reflects the thoughts and opinions of Brandes Investment Partners® exclusively and is subject to change without notice. Brandes Investment Partners® is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada.
Must be preceded or accompanied by a prospectus.
Index Guide
The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. This index is a total return index which reflects the price changes and interest of each bond in the index.
The Bloomberg Barclays U.S. Credit Index measures the U.S. dollar-denominated, fixed-rate taxable corporate and government related bond markets. The index is a total return index which reflects the price changes and interest of each bond in the index.
It is not possible to invest directly in an index.
Cash Flow: The amount of cash generated minus the amount of cash used by a company in a given period.
Duration: The weighted maturity of a fixed-income investment’s cash flows, used in the estimation of the price sensitivity of fixed-income securities for a given change in interest rates.
49


Brandes Core Plus Fixed Income Fund
Federal Funds Rate: The interest rate at which a depository institution lends funds maintained at the Federal Reserve to another depository institution overnight.
Floating Rate: A debt instrument that does not have a fixed rate of interest over the life of the instrument.
Notional Issue/Notional Value: Total value of a position or an agreed upon amount in a contract.
Yield: Annual income from the investment (dividend, interest, etc.) divided by the current market price of the investment.
Yield Curve: A graphical comparison of the relationship between interest rates for loans of various maturities with similar credit quality. A typical yield curve slopes upward to reflect higher interest rates for longer maturities.
The Brandes Core Plus Fixed Income Fund is distributed by ALPS Distributors, Inc.
50


Brandes Core Plus Fixed Income Fund
The following chart compares the value of a hypothetical $100,000 investment in the Brandes Core Plus Fixed Income Fund – Class I from March 31, 2010 to March 31, 2020 with the value of such an investment in the Bloomberg Barclays U.S. Aggregate Bond Index for the same period.
Value of $100,000 Investment vs Bloomberg Barclays
U.S. Aggregate Bond Index (Unaudited)
 Average Annual Total Return
Periods Ended March 31, 2020
 One
Year
 Three
Years
 Five
Years
 Ten
Years
 Since
Inception(1)
Brandes Core Plus Fixed Income Fund         
Class A*

5.42% 2.99% 2.42% 3.83% 3.54%
Class A *(with maximum sales charge)

1.47% 1.68% 1.64% 3.44% 3.22%
Class I

5.60% 3.31% 2.69% 4.16% 3.85%
Class R6*

6.18% 3.94% 3.09% 4.39% 4.05%
Bloomberg Barclays U.S. Aggregate Bond Index

8.93% 4.82% 3.36% 3.88% 4.25%
    
(1)The inception date is December 28, 2007.
*Performance shown prior to January 31, 2013 for Class A shares reflects the performance of Class I shares adjusted to reflect Class A expenses. Performance shown prior to October 10, 2017 for Class R6 shares reflects the performance of Class I shares adjusted to reflect Class R6 expenses.
Performance data quoted represents past performance; past performance does not indicate future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the
51


Brandes Core Plus Fixed Income Fund
performance quoted. Performance data current to the most recent month end may be obtained by calling 800-331-2979.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
Asset Allocation as a Percentage of Total Investments as of
March 31, 2020 (Unaudited)
52


Brandes Investment Trust
Expense Example (Unaudited)
As a shareholder of a Fund, you incur ongoing costs, including investment advisory and administrative fees and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2019 to March 31, 2020 (the “Period”).
Actual Expenses
This section provides information about actual account values and actual expenses. The “Ending Account Value” shown is derived from each Fund’s actual return. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
  Class A
Fund Beginning
Account
Value
 Ending
Account
Value
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period
International Equity Fund

 $1,000.00 $746.50 1.14% $4.99
Global Equity Fund

 $1,000.00 $769.70 1.25% $5.53
Global Equity Income Fund

 $1,000.00 $807.50 1.25% $5.64
Emerging Markets Value Fund

 $1,000.00 $717.90 1.36% $5.85
International Small Cap Fund

 $1,000.00 $772.20 1.39% $6.17
Small Cap Value Fund

 $1,000.00 $810.90 1.15% $5.21
Core Plus Fixed Income Fund

 $1,000.00 $1,020.30 0.70% $3.54
    
  Class C
Fund Beginning
Account
Value
 Ending
Account
Value
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period
International Equity Fund

 $1,000.00 $743.40 1.89% $8.25
Global Equity Fund

 $1,000.00 $766.70 2.00% $8.83
Global Equity Income Fund

 $1,000.00 $802.10 2.00% $9.03
Emerging Markets Value Fund

 $1,000.00 $715.60 2.11% $9.06
International Small Cap Fund

 $1,000.00 $769.10 2.14% $9.48
    
53


Brandes Investment Trust
  Class I
Fund Beginning
Account
Value
 Ending
Account
Value
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period
International Equity Fund

 $1,000.00 $747.60 0.85% $3.71
Global Equity Fund

 $1,000.00 $770.70 1.00% $4.43
Global Equity Income Fund

 $1,000.00 $806.50 1.00% $4.52
Emerging Markets Value Fund

 $1,000.00 $718.90 1.12% $4.81
International Small Cap Fund

 $1,000.00 $774.30 1.15% $5.09
Small Cap Value Fund

 $1,000.00 $810.60 0.90% $4.08
Core Plus Fixed Income Fund

 $1,000.00 $1,021.30 0.50% $2.53
    
  Class R6
Fund Beginning
Account
Value
 Ending
Account
Value
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period
International Equity Fund

 $1,000.00 $747.80 0.75% $3.28
Emerging Markets Value Fund

 $1,000.00 $720.10 0.97% $4.17
International Small Cap Fund

 $1,000.00 $774.10 1.00% $4.44
Small Cap Value Fund

 $1,000.00 $819.00 0.72% $3.27
Core Plus Fixed Income Fund

 $1,000.00 $1,024.70 0.35% $1.77
Hypothetical Example for Comparison Purposes
This section provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as brokerage commissions on purchase and sales of Fund shares. Therefore, the last column of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
54


Brandes Investment Trust
  Class A
Fund Beginning
Account
Value
 Ending
Account
Value
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period
International Equity Fund

 $1,000.00 $1,019.28 1.14% $5.77
Global Equity Fund

 $1,000.00 $1,018.75 1.25% $6.31
Global Equity Income Fund

 $1,000.00 $1,018.76 1.25% $6.30
Emerging Markets Value Fund

 $1,000.00 $1,018.19 1.36% $6.87
International Small Cap Fund

 $1,000.00 $1,018.03 1.39% $7.03
Small Cap Value Fund

 $1,000.00 $1,019.25 1.15% $5.81
Core Plus Fixed Income Fund

 $1,000.00 $1,021.50 0.70% $3.54
    
  Class C
Fund Beginning
Account
Value
 Ending
Account
Value
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period
International Equity Fund

 $1,000.00 $1,015.53 1.89% $9.54
Global Equity Fund

 $1,000.00 $1,015.00 2.00% $10.08
Global Equity Income Fund

 $1,000.00 $1,014.98 2.00% $10.09
Emerging Markets Value Fund

 $1,000.00 $1,014.44 2.11% $10.63
International Small Cap Fund

 $1,000.00 $1,014.28 2.14% $10.79
    
  Class I
Fund Beginning
Account
Value
 Ending
Account
Value
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period
International Equity Fund

 $1,000.00 $1,020.75 0.85% $4.29
Global Equity Fund

 $1,000.00 $1,020.00 1.00% $5.05
Global Equity Income Fund

 $1,000.00 $1,020.00 1.00% $5.05
Emerging Markets Value Fund

 $1,000.00 $1,019.40 1.12% $5.65
International Small Cap Fund

 $1,000.00 $1,019.27 1.15% $5.79
Small Cap Value Fund

 $1,000.00 $1,020.50 0.90% $4.55
Core Plus Fixed Income Fund

 $1,000.00 $1,022.50 0.50% $2.53
    
  Class R6
Fund Beginning
Account
Value
 Ending
Account
Value
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period
International Equity Fund

 $1,000.00 $1,021.25 0.75% $3.79
Emerging Markets Value Fund

 $1,000.00 $1,020.15 0.97% $4.90
International Small Cap Fund

 $1,000.00 $1,020.00 1.00% $5.05
Small Cap Value Fund

 $1,000.00 $1,021.40 0.72% $3.64
Core Plus Fixed Income Fund

 $1,000.00 $1,023.25 0.35% $1.77
55


Brandes International Equity Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) 

Shares Value
COMMON STOCKS – 96.56%
Brazil – 1.35%
861,282Embraer SA Sponsored – ADR(a)$6,373,487
Canada – 1.18%
730,028Cameco Corp.5,577,414
China – 2.32%
1,460,500China Mobile Ltd.10,945,398
Finland – 1.47%
2,255,736Nokia Oyj6,947,351
France – 19.70%
97,259BNP Paribas SA2,839,500
847,291Carrefour SA13,433,191
379,246Cie de Saint-Gobain SA9,100,174
996,571Engie SA10,205,345
743,088Orange SA8,996,909
373,350Publicis Groupe SA10,669,943
119,629Renault SA2,273,513
211,033Sanofi18,270,165
45,990Schneider Electric SE3,887,209
111,441Societe BIC SA6,189,770
190,557Total SA(b)7,179,963
  93,045,682
Germany – 3.13%
182,035BASF SE8,508,675
132,913HeidelbergCement AG5,678,454
8,036Henkel AG & Co. KGaA590,308
  14,777,437
Indonesia – 0.46%
11,842,000First Pacific Co. Ltd.2,187,913
Ireland – 1.11%
192,521CRH Plc5,223,986
Italy – 6.70%
1,190,745Eni SpA11,832,998
5,328,543Intesa Sanpaolo SpA8,621,908
27,168,062Telecom Italia Rsp10,614,592
1,365,052Telecom Italia SpA(a)552,538
  31,622,036
Japan – 14.81%
262,900Dai Nippon Printing Co. Ltd.5,586,913
Shares Value
404,100Honda Motor Co. Ltd.$9,042,320
2,429,800Mitsubishi UFJ Financial Group, Inc.(b)9,091,229
369,799MS&AD Insurance Group Holdings, Inc.10,317,811
983,300Nissan Motor Co. Ltd.3,289,836
319,500Sumitomo Mitsui Trust Holdings, Inc.9,179,288
143,000Taisho Pharmaceutical Holdings Co. Ltd.8,777,237
481,183Takeda Pharmaceutical Co. Ltd.14,651,114
  69,935,748
Mexico – 4.26%
7,618,390America Movil SAB de CV4,512,104
2,954,978Cemex SAB de CV Sponsored – ADR6,264,553
11,935,829Fibra Uno Administracion SA de CV9,353,443
  20,130,100
Netherlands – 1.79%
2,056,796Aegon NV5,136,653
40,112NXP Semiconductors NV3,326,488
  8,463,141
South Korea – 5.54%
181,653Hana Financial Group, Inc.3,417,550
61,293Hyundai Mobis Co. Ltd.8,478,532
60,185Hyundai Motor Co.4,335,819
98,188KT&G Corp.6,011,784
29,983POSCO3,945,397
  26,189,082
Spain – 1.62%
855,737Repsol SA7,634,252
Switzerland – 7.69%
1,322,764Credit Suisse Group AG(a)10,676,498
20,996Swatch Group AG Bearer4,123,582
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
56


Brandes International Equity Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

Shares Value
115,030Swatch Group AG Registered$4,453,362
64,653Swiss Re AG4,978,211
1,318,852UBS Group AG12,088,750
  36,320,403
Taiwan – 1.90%
1,324,000Asustek Computer, Inc.8,964,689
United Kingdom – 21.53%
5,919,246Barclays Plc6,726,824
2,839,420BP Plc11,644,303
4,778,563G4S Plc5,435,153
1,005,393GlaxoSmithKline Plc18,865,363
361,751Imperial Brands Plc6,676,241
4,359,508J Sainsbury Plc11,279,834
4,889,136Kingfisher Plc8,587,816
4,845,303Marks & Spencer Group Plc5,873,653
Shares Value
3,070,338Tesco Plc$8,670,720
3,997,645Wm Morrison Supermarkets Plc8,733,470
1,353,138WPP Plc9,199,896
  101,693,273
TOTAL COMMON STOCKS
(Cost $744,687,044)
$456,031,392
PREFERRED STOCKS – 2.64%
Brazil – 0.59%
1,028,300Petroleo Brasileiro SA, 0.003%(c)$2,768,599
Russia – 2.05%
20,175,822Surgutneftegas PJSC, 0.202%(c)9,709,132
TOTAL PREFERRED STOCKS
(Cost $13,220,575)
$12,477,731
 
 SharesValue
SHORT-TERM INVESTMENTS – 0.48%
Money Market Funds — 0.48%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.400%(d)

2,245,859$2,245,859
TOTAL SHORT-TERM INVESTMENTS

(Cost $2,245,859)

 $2,245,859
Total Investments

(Cost $760,153,478) – 99.68%

 $470,754,982
Other Assets in Excess of Liabilities – 0.32%

 1,508,267
TOTAL NET ASSETS – 100.00%

 $472,263,249

Percentages are stated as a percent of net assets.
ADR American Depositary Receipt  
    
(a)Non-income producing security.
(b)All or a portion of this security is on loan. See Note 2 in the Notes to Financial Statements.
(c)Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
(d)The rate shown is the annualized seven day yield as of March 31, 2020.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
57


Brandes International Equity Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

COMMON STOCKS 
Aerospace & Defense

1.35%
Auto Components

1.79%
Automobiles

4.01%
Banks

8.44%
Building Products

1.93%
Capital Markets

4.82%
Chemicals

1.80%
Commercial Services & Supplies

3.64%
Communications Equipment

1.47%
Construction Materials

3.64%
Diversified Financial Services

0.46%
Diversified Telecommunication Services

4.28%
Electrical Equipment

0.82%
Equity Real Estate Investment Trusts

1.98%
Food & Staples Retailing

8.92%
Household Products

0.13%
Insurance

4.34%
Media

4.21%
Metals & Mining

0.84%
Multiline Retail

1.24%
Multi-Utilities

2.16%
Oil, Gas & Consumable Fuels

9.29%
Pharmaceuticals

12.82%
Semiconductors & Semiconductor Equipment

0.70%
Specialty Retail

1.82%
Technology Hardware, Storage & Peripherals

1.90%
Textiles, Apparel & Luxury Goods

1.81%
Tobacco

2.68%
Wireless Telecommunication Services

3.27%
TOTAL COMMON STOCKS

96.56%
PREFERRED STOCKS 
Oil, Gas & Consumable Fuels

2.64%
TOTAL PREFERRED STOCKS

2.64%
SHORT-TERM INVESTMENTS

0.48%
TOTAL INVESTMENTS

99.68%
Other Assets in Excess of Liabilities

0.32%
TOTAL NET ASSETS

100.00%
The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
58


Brandes Global Equity Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) 

Shares Value
COMMON STOCKS – 97.22%
Austria – 1.08%
15,451Erste Group Bank AG(a)$282,873
Brazil – 1.08%
154,720Embraer SA(a)284,065
China – 1.33%
46,500China Mobile Ltd.348,484
Finland – 1.23%
104,710Nokia Oyj322,492
France – 12.86%
17,800Carrefour SA282,206
29,959Engie SA306,794
31,200Engie SA Registered Shares (Prime Fidelite 2019)319,502
13,427Publicis Groupe SA383,729
12,114Sanofi1,048,769
6,518Schneider Electric SE550,920
12,667Total SA477,278
  3,369,198
Germany – 0.86%
5,287HeidelbergCement AG225,877
Ireland – 1.29%
12,453CRH Plc337,908
Italy – 2.27%
39,071Eni SpA388,267
525,674Telecom Italia Rsp205,381
  593,648
Japan – 3.59%
17,100Honda Motor Co. Ltd.382,637
64,100Nissan Motor Co. Ltd.214,460
9,700SoftBank Group Corp.343,403
  940,500
Malaysia – 1.30%
394,700Genting Berhad341,392
Mexico – 1.46%
488,634Fibra Uno Administracion SA de CV382,915
Netherlands – 0.89%
2,820NXP Semiconductors NV233,863
Russia – 0.39%
44,308Gazprom PJSC102,874
Shares Value
South Korea – 5.84%
2,556Hyundai Mobis Co. Ltd.$353,566
5,486Hyundai Motor Co.395,220
5,221KT&G Corp.319,667
11,877Samsung Electronics Co. Ltd.461,796
  1,530,249
Spain – 0.94%
27,597Repsol SA246,200
Switzerland – 3.59%
49,369Credit Suisse Group AG(a)398,475
59,244UBS Group AG543,037
  941,512
United Kingdom – 16.93%
162,158Barclays Plc184,282
130,274BP Plc534,246
46,920GlaxoSmithKline Plc880,415
29,711Imperial Brands Plc548,327
177,095J Sainsbury Plc458,217
196,456Kingfisher Plc345,077
105,291Marks & Spencer Group Plc127,638
217,703Tesco Plc614,799
145,089Wm Morrison Supermarkets Plc316,969
62,874WPP Plc427,476
  4,437,446
United States – 40.29%
13,200American International Group, Inc.320,100
5,671Applied Materials, Inc.259,845
25,685Bank of America Corp.545,293
13,678Bank of New York Mellon Corp.460,675
13,845Cardinal Health, Inc.663,729
31,132Change Healthcare, Inc.(a)311,009
3,158Cigna Corp.559,534
17,550Citigroup, Inc.739,206
6,789Comcast Corp. – Class A233,406
7,152CVS Health Corp.424,328
8,152Emerson Electric Co.388,443
3,253FedEx Corp.394,459
30,292Halliburton Co.207,500
5,082HCA Healthcare, Inc.456,618
3,561Ingredion, Inc.268,855
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
59


Brandes Global Equity Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

Shares Value
2,581Laboratory Corp. of America Holdings(a)$326,213
4,977McKesson Corp.673,189
9,194Merck & Co., Inc.707,386
1,208Microsoft Corp.190,514
3,266Mohawk Industries, Inc.(a)249,000
1,391PepsiCo, Inc.167,059
19,620Pfizer, Inc.640,397
2,463PNC Financial Services Group, Inc.235,758
7,368State Street Corp.392,493
9,436Textron, Inc.251,658
17,240Wells Fargo & Co.494,788
  10,561,455
TOTAL COMMON STOCKS
(Cost $30,421,416)
$25,482,951
Shares Value
PREFERRED STOCKS – 0.49%
South Korea – 0.49%
3,912Samsung Electronics Co. Ltd., 6.30%(b)$127,483
TOTAL PREFERRED STOCKS
(Cost $115,876)
$127,483
 
 SharesValue
SHORT-TERM INVESTMENTS – 4.17%
Money Market Funds — 4.17%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.400%(c)

1,092,289$1,092,289
TOTAL SHORT-TERM INVESTMENTS

(Cost $1,092,289)

 $1,092,289
Total Investments

(Cost $31,629,581) – 101.88%

 $26,702,723
Liabilities in Excess of Other Assets – (1.88)%

 (491,756)
TOTAL NET ASSETS – 100.00%

 $26,210,967

Percentages are stated as a percent of net assets.
    
(a)Non-income producing security.
(b)Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
(c)The rate shown is the annualized seven day yield as of March 31, 2020.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
60


Brandes Global Equity Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

COMMON STOCKS 
Aerospace & Defense

2.04%
Air Freight & Logistics

1.50%
Auto Components

1.35%
Automobiles

3.79%
Banks

9.47%
Beverages

0.64%
Capital Markets

6.85%
Communications Equipment

1.23%
Construction Materials

2.15%
Diversified Telecommunication Services

0.79%
Electrical Equipment

3.58%
Energy Equipment & Services

0.79%
Equity Real Estate Investment Trusts

1.46%
Food & Staples Retailing

6.38%
Food Products

1.03%
Health Care Providers & Services

11.83%
Health Care Technology

1.19%
Hotels, Restaurants & Leisure

1.30%
Household Durables

0.95%
Insurance

1.22%
Media

3.99%
Multiline Retail

0.49%
Multi-Utilities

2.39%
Oil, Gas & Consumable Fuels

6.67%
Pharmaceuticals

12.50%
Semiconductors & Semiconductor Equipment

1.88%
Software

0.73%
Specialty Retail

1.32%
Technology Hardware, Storage & Peripherals

1.76%
Tobacco

3.31%
Wireless Telecommunication Services

2.64%
TOTAL COMMON STOCKS

97.22%
PREFERRED STOCKS 
Technology Hardware, Storage & Peripherals

0.49%
TOTAL PREFERRED STOCKS

0.49%
SHORT-TERM INVESTMENTS

4.17%
TOTAL INVESTMENTS

101.88%
Liabilities in Excess of Other Assets

(1.88)%
TOTAL NET ASSETS

100.00%
The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
61


Brandes Global Equity Income Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) 

Shares Value
COMMON STOCKS – 87.63%
Brazil – 2.65%
3,090Telefonica Brasil SA$30,090
Chile – 1.58%
264,246Enel Chile SA17,906
China – 1.98%
3,000China Mobile Ltd.22,483
Finland – 1.23%
4,519Nokia Oyj13,918
France – 15.43%
1,491Engie SA15,269
400Engie SA Registered Shares (Prime Fidelite 2019)4,096
1,092Engie SA Registered Shares (Prime Fidelite 2021)11,183
790Publicis Groupe SA22,577
602Sanofi52,118
392Schneider Electric SE33,133
976Total SA36,775
  175,151
Germany – 1.50%
365BASF SE17,061
Italy – 2.27%
2,589Eni SpA25,728
Japan – 2.36%
1,200Honda Motor Co. Ltd.26,852
Malaysia – 1.18%
15,500Genting Berhad13,406
Mexico – 2.22%
32,115Fibra Uno Administracion SA de CV25,167
South Korea – 1.75%
325KT&G Corp.19,899
Switzerland – 4.75%
1,967Credit Suisse Group AG(a)15,876
197Swiss Re AG15,169
2,498UBS Group AG22,897
  53,942
United Kingdom – 21.08%
7,037BP Plc28,858
403British American Tobacco Plc13,728
2,390GlaxoSmithKline Plc44,846
1,611Imperial Brands Plc29,732
Shares Value
8,514J Sainsbury Plc$22,029
14,285Kingfisher Plc25,092
4,159Marks & Spencer Group Plc5,042
8,470Tesco Plc23,920
6,440Wm Morrison Supermarkets Plc14,069
4,695WPP Plc31,921
  239,237
United States – 27.65%
312Bank of New York Mellon Corp.10,508
947Cardinal Health, Inc.45,399
526Citigroup, Inc.22,155
362CVS Health Corp.21,477
360Emerson Electric Co.17,154
231Johnson & Johnson30,291
475Merck & Co., Inc.36,547
105Microsoft Corp.16,560
118PepsiCo, Inc.14,172
1,030Pfizer, Inc.33,619
85PNC Financial Services Group, Inc.8,136
370State Street Corp.19,710
270Truist Financial Corp.8,327
1,037Wells Fargo & Co.29,762
  313,817
TOTAL COMMON STOCKS
(Cost $1,284,427)
$994,657
PREFERRED STOCKS – 11.21%
South Korea – 2.38%
828Samsung Electronics Co. Ltd. 3.596%(b)$26,983
United States – 8.83%
1,632Bank of America Corp. 4.000% (3M LIBOR + 0.500%, minimum of 4.000%)(c)32,885
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
62


Brandes Global Equity Income Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

Shares Value
1,867Goldman Sachs Group, Inc. 3.750% (3M LIBOR + 0.750%, minimum of 3.750%)(c)$35,361
1,668Morgan Stanley 4.000% (3M LIBOR + 0.700%, minimum of 4.000%)(c)31,942
  100,188
TOTAL PREFERRED STOCKS
(Cost $127,114)
$127,171
 SharesValue
SHORT-TERM INVESTMENTS – 3.66%
Money Market Funds — 3.66%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.400%(d)

41,559$41,559
TOTAL SHORT-TERM INVESTMENTS

(Cost $41,559)

 $41,559
Total Investments

(Cost $1,453,100) – 102.50%

 $1,163,387
Liabilities in Excess of Other Assets – (2.50)%

 (28,374)
TOTAL NET ASSETS – 100.00%

 $1,135,013

Percentages are stated as a percent of net assets.
LIBOR London Interbank Offered Rate  
    
(a)Non-income producing security.
(b)Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
(c)Variable rate security. The coupon is based on a reference index and spread index.
(d)The rate shown is the annualized seven day yield as of March 31, 2020.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
63


Brandes Global Equity Income Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

COMMON STOCKS 
Automobiles

2.36%
Banks

6.02%
Beverages

1.25%
Capital Markets

6.09%
Chemicals

1.50%
Communications Equipment

1.23%
Diversified Telecommunication Services

2.65%
Electric Utilities

1.58%
Electrical Equipment

4.43%
Equity Real Estate Investment Trusts

2.22%
Food & Staples Retailing

5.29%
Health Care Providers & Services

5.89%
Hotels, Restaurants & Leisure

1.18%
Insurance

1.33%
Media

4.80%
Multiline Retail

0.45%
Multi-Utilities

2.69%
Oil, Gas & Consumable Fuels

8.05%
Pharmaceuticals

17.39%
Software

1.46%
Specialty Retail

2.21%
Tobacco

5.58%
Wireless Telecommunication Services

1.98%
TOTAL COMMON STOCKS

87.63%
PREFERRED STOCKS 
Banks

2.90%
Capital Markets

5.93%
Technology Hardware, Storage & Peripherals

2.38%
TOTAL PREFERRED STOCKS

11.21%
SHORT-TERM INVESTMENTS

3.66%
TOTAL INVESTMENTS

102.50%
Liabilities in Excess of Other Assets

(2.50)%
TOTAL NET ASSETS

100.00%
The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
64


Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) 

Shares Value
COMMON STOCKS – 90.80%
Argentina – 1.62%
1,176,931Adecoagro SA(a)$4,578,261
2,625,116YPF SA Sponsored – Class D – ADR10,946,734
  15,524,995
Austria – 0.09%
47,560Erste Group Bank AG(a)870,715
Brazil – 4.64%
6,258,400Cogna Educacao4,817,767
1,166,900Companhia Brasileira de Distribuicao(a)14,898,125
3,339,780Embraer SA Sponsored – ADR(a)24,714,372
  44,430,264
Chile – 1.90%
2,426,684Empresa Nacional de Telecomunicaciones SA(a)10,255,574
42,492,149Enel Chile SA2,879,478
1,509,388Enel Chile SA Sponsored – ADR5,011,168
  18,146,220
China – 22.64%
119,225Alibaba Group Holding Ltd. Sponsored – ADR(a)23,186,878
150,119Baidu, Inc. Sponsored – ADR(a)15,130,494
4,385,900China Mobile Ltd.32,869,169
27,539,136China Railway Signal & Communication Corp. Ltd.(b)13,730,745
2,229,528China South Publishing & Media Group Co. Ltd. – Class A3,319,343
111,730China Yuchai International Ltd.1,202,215
31,150,401Dongfeng Motor Group Co. Ltd. – Class H20,282,346
Shares Value
3,065,000Galaxy Entertainment Group Ltd.$16,142,805
21,333,500Genertec Universal Medical Group Co. Ltd.(b)13,204,553
33,944,000PetroChina Co. Ltd.12,302,661
11,227,200Shanghai Pharmaceuticals Holding Co. Ltd. – Class H18,944,243
11,808,000TravelSky Technology Ltd.20,666,725
10,355,400Wynn Macau Ltd.15,530,097
380,528ZTO Express Cayman, Inc. – ADR(a)10,076,381
  216,588,655
Czech Republic – 0.60%
626,829O2 Czech Republic AS5,703,076
Greece – 0.56%
447,667Hellenic Telecommunications Organization SA5,411,631
Hong Kong – 2.70%
28,461,920First Pacific Co. Ltd.5,258,588
10,597,500Lifestyle International Holdings Ltd.8,852,224
5,860,000Luk Fook Holdings International Ltd.11,746,549
  25,857,361
India – 2.48%
1,661,334Bharti Infratel Ltd.3,513,669
5,904,971Power Grid Corp. of India Ltd.12,404,250
4,804,211Zee Entertainment Enterprises Ltd.7,818,367
  23,736,286
Indonesia – 4.68%
97,044,300Bank Rakyat Indonesia Persero Tbk PT17,798,430
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
65


Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

Shares Value
5,621,512Gudang Garam Tbk PT$14,124,042
105,169,315PT XL Axiata Tbk(a)12,818,392
  44,740,864
Malaysia – 2.09%
23,159,400Genting Berhad20,031,494
Mexico – 9.97%
29,613,730America Movil SAB de CV17,539,168
10,054,422Cemex SAB de CV Sponsored – ADR21,315,375
32,196,641Fibra Uno Administracion SA de CV25,230,711
14,203,330Macquarie Mexico Real Estate Management SA de CV(b)11,794,946
17,287,809PLA Administradora Industrial S de RL de CV19,122,441
10,242,449Urbi Desarrollos Urbanos SAB de CV(a),(c)363,974
  95,366,615
Panama – 1.68%
644,836Banco Latinoamericano de Comercio Exterior SA – Class E6,648,259
208,953Copa Holdings SA – Class A9,463,481
  16,111,740
Philippines – 1.25%
9,812,422Bank of the Philippine Islands11,937,303
Russia – 5.84%
129,316Lukoil PJSC Sponsored – ADR7,803,600
4,962,039Mobile TeleSystems PJSC18,994,940
8,476,466Sberbank of Russia PJSC20,309,779
2,684,906Sistema PJSFC Sponsored – GDR8,797,599
  55,905,918
Shares Value
Singapore – 0.89%
1,020,677Flex Ltd.(a)$8,548,170
South Africa – 1.01%
2,314,848Absa Group Ltd.9,630,372
South Korea – 13.70%
119,721Hyundai Mobis Co. Ltd.16,560,755
682,601Kia Motors Corp.14,368,015
451,603KT&G Corp.27,650,424
164,603POSCO21,659,747
169,260S-1 Corp.11,169,915
610,691Samsung Electronics Co. Ltd.23,744,593
679,072Shinhan Financial Group Co. Ltd.15,886,360
  131,039,809
Spain – 1.15%
11,548,879Prosegur Cash SA(b)10,963,063
Taiwan – 3.61%
3,056,000Asustek Computer, Inc.20,691,912
1,534,000Taiwan Semiconductor Manufacturing Co. Ltd.13,809,553
  34,501,465
Thailand – 4.09%
2,513,800Bangkok Bank PCL – NVDR7,674,906
78,547,281Jasmine Broadband Internet Infrastructure – Class F19,928,833
5,464,600Siam Commercial Bank PCL – Class F11,493,810
  39,097,549
Turkey – 0.41%
1,317,188Ulker Biskuvi Sanayi AS(a)3,913,771
United Arab Emirates – 1.73%
1,102,418DP World Plc16,571,099
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
66


Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

Shares Value
United Kingdom – 1.47%
22,007,865Hyve Group Plc$5,385,186
10,376,419Vivo Energy Plc(b)8,699,772
  14,084,958
TOTAL COMMON STOCKS
(Cost $1,389,189,901)
$868,713,393
PREFERRED STOCKS – 7.50%
Brazil – 2.62%
4,920,700Petroleo Brasileiro SA, 0.00%(d)$13,248,512
748,395Telefonica Brasil SA Sponsored – ADR, 2.57%(d)7,132,204
498,300Telefonica Brasil SA, 5.17%(d)4,742,198
  25,122,914
Colombia – 0.79%
712,214Grupo Aval Acciones y Valores SA – ADR, 6.98%(d)3,119,497
20,018,115Grupo Aval Acciones y Valores SA, 6.45%(d)4,420,544
  7,540,041
Shares Value
Russia – 2.30%
1,358,757Surgutneftegas PJSC Sponsored – ADR, 24.14%(d)$6,538,746
32,081,832Surgutneftegas PJSC, 0.20%15,438,615
  21,977,361
South Korea – 1.79%
409,049Hyundai Motor Co. Ltd., 7.83%(d)17,155,499
TOTAL PREFERRED STOCKS
(Cost $117,522,023)
$71,795,815
PARTICIPATORY NOTES – 1.08%
China – 1.08%
6,874,542China South Publishing & Media Group Co. Ltd. – Class A(b),(e)$10,309,582
TOTAL PARTICIPATORY NOTES
(Cost $13,024,442)
$10,309,582
 
Total Investments

(Cost $1,519,736,366) – 99.38%

 $950,818,790
Other Assets in Excess of Liabilities – 0.62%

 5,941,320
TOTAL NET ASSETS – 100.00%

 $956,760,110

Percentages are stated as a percent of net assets.
ADR American Depositary Receipt  
GDR Global Depositary Receipt  
NVDR Non-Voting Depositary Receipt  
    
(a)Non-income producing security.
(b)Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $58,393,078, which represented 6.10% of the net assets of the Fund.
(c)Affiliated issuer. See Note 8 in the Notes to Financial Statements.
(d)Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
(e)Represents the underlying security of a participatory note with HSBC Bank Plc. China South Publishing & Media Group Co. Ltd. has a maturity date of November 23, 2021. See Note 2 in the Notes to Financial Statements.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
67


Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

COMMON STOCKS 
Aerospace & Defense

2.58%
Air Freight & Logistics

1.05%
Airlines

0.99%
Auto Components

1.73%
Automobiles

3.62%
Banks

9.99%
Commercial Services & Supplies

2.32%
Construction Materials

2.23%
Diversified Consumer Services

0.50%
Diversified Financial Services

1.24%
Diversified Telecommunication Services

1.53%
Electric Utilities

2.12%
Electronic Equipment, Instruments & Components

2.32%
Equity Real Estate Investment Trusts

5.87%
Food & Staples Retailing

1.56%
Food Products

0.89%
Health Care Providers & Services

3.36%
Hotels, Restaurants & Leisure

5.40%
Household Durables

0.04%
Interactive Media & Services

1.58%
Internet & Direct Marketing Retail

2.42%
IT Services

2.16%
Machinery

0.13%
Media

1.73%
Metals & Mining

2.27%
Multiline Retail

0.92%
Oil, Gas & Consumable Fuels

3.25%
Semiconductors & Semiconductor Equipment

1.45%
Specialty Retail

2.14%
Technology Hardware, Storage & Peripherals

4.64%
Tobacco

4.37%
Transportation Infrastructure

1.73%
Wireless Telecommunication Services

12.67%
TOTAL COMMON STOCKS

90.80%
PREFERRED STOCKS 
Automobiles

1.79%
Banks

0.79%
Diversified Telecommunication Services

1.24%
Oil, Gas & Consumable Fuels

3.68%
TOTAL PREFERRED STOCKS

7.50%
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
68


Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

PARTICIPATORY NOTES 
Media

1.08%
TOTAL PARTICIPATORY NOTES

1.08%
TOTAL INVESTMENTS

99.38%
Other Assets in Excess of Liabilities

0.62%
TOTAL NET ASSETS

100.00%
The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
69


Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) 

Shares Value
COMMON STOCKS – 91.49%
Argentina – 0.39%
257,177Adecoagro SA(a)$1,000,419
Austria – 0.60%
168,405Addiko Bank AG(a)1,521,160
Brazil – 3.24%
4,475,647Embraer SA(a)8,217,254
Canada – 4.59%
492,491Cameco Corp.3,762,631
336,989Celestica, Inc.(a)1,179,462
139,128Corby Spirit and Wine Ltd.1,527,412
605,547Dorel Industries, Inc. – Class B645,435
800,736Sierra Wireless, Inc.(a)4,523,450
  11,638,390
China – 2.41%
12,973,900Boyaa Interactive International Ltd.1,255,093
267,884China Yuchai International Ltd.2,882,432
10,176,000Weiqiao Textile Co. – Class H1,968,850
  6,106,375
France – 3.08%
66,541Savencia SA3,544,644
76,905Societe BIC SA4,271,536
  7,816,180
Germany – 2.47%
60,349Draegerwerk AG & Co. KGaA4,429,917
94,106Rhoen-Klinikum AG1,849,358
  6,279,275
Greece – 0.77%
254,080Sarantis SA1,950,365
Hong Kong – 4.03%
4,446,050APT Satellite Holdings Ltd.1,401,693
2,191,000Dickson Concepts International Ltd.1,071,412
73,200,000Emperor Watch & Jewellery Ltd.1,114,134
Shares Value
17,917,000First Pacific Co. Ltd.$3,310,322
8,855,000PAX Global Technology Ltd.3,321,348
  10,218,909
Hungary – 1.97%
4,498,185Magyar Telekom Telecommunications Plc5,009,319
Ireland – 2.86%
292,828Avadel Pharmaceuticals Plc Sponsored - ADR(a)2,325,055
2,015,206C&C Group Plc4,926,076
  7,251,131
Israel – 1.07%
44,318Taro Pharmaceutical Industries Ltd.(a)2,712,262
Italy – 3.16%
276,775Buzzi Unicem SpA2,598,829
280,421Credito Emiliano SpA1,175,714
286,263Danieli & C Officine Meccaniche SpA2,000,629
2,724,811Safilo Group SpA(a)2,253,012
  8,028,184
Japan – 21.83%
24,200Bank of Nagoya Ltd.584,755
653,800Concordia Financial Group Ltd.1,902,971
405,900Fuji Media Holdings, Inc.4,031,629
494,900Funai Electric Co. Ltd.(a)2,203,076
163,800Futaba Corp.1,587,859
1,388,400Hachijuni Bank Ltd.5,002,203
1,174,500Hyakugo Bank Ltd.3,285,142
196,900Kato Sangyo Co. Ltd.6,192,104
215,200Kissei Pharmaceutical Co. Ltd.5,517,200
898,800Komori Corp.6,079,890
1,149,400Kyushu Financial Group, Inc.4,376,444
137,700Mitsubishi Shokuhin Co. Ltd.3,525,340
85,900Nichiban Co. Ltd.1,186,696
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
70


Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

Shares Value
112,100Nippon Seiki Co. Ltd.$1,193,828
68,700Oita Bank Ltd.1,209,331
280,300Tachi-S Co. Ltd.2,531,794
316,800TSI Holdings Co. Ltd.1,158,350
51,800Tsutsumi Jewelry Co. Ltd.829,511
185,100Yodogawa Steel Works Ltd.3,011,209
  55,409,332
Mexico – 6.23%
540,241Cemex SAB de CV Sponsored – ADR1,145,311
21,557,552Consorcio ARA SAB de CV3,262,372
279,501,983Desarrolladora Homex SAB de CV(a),(b)459,504
9,306,500Fibra Uno Administracion SA de CV7,292,985
3,725,017Macquarie Mexico Real Estate Management SA de CV3,093,385
16,033,402Urbi Desarrollos Urbanos SAB de CV(a),(b)569,761
  15,823,318
Panama – 1.23%
302,841Banco Latinoamericano de Comercio Exterior SA – Class E3,122,291
Philippines – 0.63%
1,689,492First Philippines Holdings Corp.1,594,827
Slovenia – 1.54%
474,148Nova Ljubljanska Banka – GDR(c)3,911,575
South Korea – 7.48%
88,337Binggrae Co. Ltd.3,502,336
169,405Hankook Tire & Technology Co. Ltd.2,675,188
40,603Lotte Chilsung Beverage Co. Ltd.2,828,129
Shares Value
37,177Lotte Confectionery Co. Ltd.$3,189,678
94,535Lotte Corp.1,851,754
7,547Namyang Dairy Products Co. Ltd.1,830,589
56,307Samchully Co. Ltd.3,097,091
  18,974,765
Spain – 3.62%
1,416,835Atresmedia Corp de Medios de Comunicacion SA3,906,568
1,606,135Bankia SA1,751,448
794,339Lar Espana Real Estate Socimi SA3,526,208
  9,184,224
United Kingdom – 18.29%
1,483,485Balfour Beatty Plc3,936,612
891,837Chemring Group Plc2,215,278
819,067Countrywide Plc(a)475,801
2,683,352De La Rue Plc1,899,805
3,924,235G4S Plc4,463,438
2,653,865Hyve Group Plc649,384
3,381,716J Sainsbury Plc8,749,886
1,507,888Kingfisher Plc2,648,620
1,292,028LSL Property Services Plc2,680,063
1,457,744Marks & Spencer Group Plc1,767,130
4,237,899Mitie Group Plc3,421,532
6,364,340Premier Foods Plc(a)1,909,093
1,705,617Telit Communications Plc(a)1,925,759
3,696,731Wm Morrison Supermarkets Plc8,076,077
695,063Yellow Cake Plc(a)1,611,934
  46,430,412
TOTAL COMMON STOCKS
(Cost $387,003,870)
$232,199,967
PREFERRED STOCKS – 5.02%
Germany – 5.02%
132,461Draegerwerk AG & Co. KGaA, 0.22%(d)$12,739,177
TOTAL PREFERRED STOCKS
(Cost $8,004,520)
$12,739,177
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
71


Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

 SharesValue
SHORT-TERM INVESTMENTS – 3.32%
Money Market Funds — 3.32%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.400%(e)

8,419,056$8,419,056
TOTAL SHORT-TERM INVESTMENTS

(Cost $8,419,056)

 $8,419,056
Total Investments

(Cost $403,427,446) – 99.83%

 $253,358,200
Other Assets in Excess of Liabilities – 0.17%

 437,812
TOTAL NET ASSETS – 100.00%

 $253,796,012

Percentages are stated as a percent of net assets.
ADR American Depositary Receipt  
GDR Global Depositary Receipt  
    
(a)Non-income producing security.
(b)Affiliated issuer. See Note 8 in the Notes to the Financial Statements.
(c)Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $3,911,575, which represented 1.54% of the net assets of the Fund.
(d)Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
(e)The rate shown is the annualized seven day yield as of March 31, 2020.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
72


Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

COMMON STOCKS 
Aerospace & Defense

4.11%
Auto Components

2.52%
Banks

9.73%
Beverages

3.66%
Commercial Services & Supplies

6.01%
Communications Equipment

2.54%
Construction & Engineering

1.55%
Construction Materials

1.47%
Diversified Financial Services

2.54%
Diversified Telecommunication Services

2.52%
Electric Utilities

0.63%
Electrical Equipment

0.62%
Electronic Equipment, Instruments & Components

1.78%
Entertainment

0.49%
Equity Real Estate Investment Trusts

5.48%
Food & Staples Retailing

10.46%
Food Products

5.90%
Gas Utilities

1.22%
Health Care Equipment & Supplies

1.74%
Health Care Providers & Services

0.73%
Household Durables

2.82%
Industrial Conglomerates

0.73%
Machinery

4.32%
Media

3.38%
Metals & Mining

1.19%
Multiline Retail

0.70%
Oil, Gas & Consumable Fuels

1.48%
Personal Products

0.77%
Pharmaceuticals

4.16%
Real Estate Management & Development

1.25%
Specialty Retail

1.90%
Textiles, Apparel & Luxury Goods

2.46%
Trading Companies & Distributors

0.63%
TOTAL COMMON STOCKS

91.49%
PREFERRED STOCKS 
Health Care Equipment & Supplies

5.02%
TOTAL PREFERRED STOCKS

5.02%
SHORT-TERM INVESTMENTS

3.32%
TOTAL INVESTMENTS

99.83%
Other Assets in Excess of Liabilities

0.17%
TOTAL NET ASSETS

100.00%
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
73


Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
74


Brandes Small Cap Value Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) 

Shares Value
COMMON STOCKS – 91.06%
Aerospace & Defense – 7.19%
1,168Embraer SA Sponsored – ADR(a)$8,643
179National Presto Industries, Inc.12,675
334Textron, Inc.8,908
  30,226
Auto Components – 0.98%
252Cooper Tire & Rubber Co.4,108
Automobiles – 1.69%
376Harley-Davidson, Inc.7,118
Banks – 2.72%
327Eagle Bancorp Montana, Inc.5,301
228Northrim BanCorp, Inc.6,156
  11,457
Biotechnology – 10.88%
347AMAG Pharmaceuticals, Inc.(a)2,144
242Eagle Pharmaceuticals, Inc.(a)11,132
5,659PDL BioPharma, Inc.(a)15,958
174United Therapeutics Corp.(a)16,500
  45,734
Chemicals – 1.96%
189Sensient Technologies Corp.8,223
Communications Equipment – 7.97%
443Digi International, Inc.(a)4,226
902NETGEAR, Inc.(a)20,602
1,526Sierra Wireless, Inc.(a)8,668
  33,496
Construction & Engineering – 1.17%
1,887Orion Group Holdings, Inc.(a)4,906
Electronic Equipment, Instruments &
Components – 2.66%
253Arlo Technologies, Inc.(a)615
421Avnet, Inc.10,567
  11,182
Energy Equipment & Services – 3.15%
1,320Halliburton Co.9,042
269Helmerich & Payne, Inc.4,210
  13,252
Shares Value
Food & Staples Retailing – 1.62%
89Ingles Markets, Inc. – Class A$3,218
86Weis Markets, Inc.3,583
  6,801
Food Products – 3.68%
165Cal-Maine Foods, Inc.7,256
34Sanderson Farms, Inc.4,193
101Seneca Foods Corp. – Class A(a)4,018
  15,467
Health Care Equipment & Supplies – 0.68%
384Invacare Corp.2,853
Health Care Providers & Services – 4.36%
262Patterson Companies., Inc.4,006
1,016Triple–S Management Corp. – Class B(a)14,326
  18,332
Health Care Technology – 0.73%
309Change Healthcare, Inc.(a)3,087
Household Durables – 7.11%
620Dorel Industries, Inc. – Class B661
206MDC Holdings, Inc.4,779
104Mohawk Industries, Inc.(a)7,929
1,055Taylor Morrison Home Corp. - Class A(a)11,605
255Toll Brothers, Inc.4,909
  29,883
Insurance – 4.29%
93American National Insurance Co.7,662
45National Western Life Group, Inc. – Class A7,740
173Old Republic International Corp.2,638
  18,040
Machinery – 6.83%
2,169Briggs & Stratton Corp.3,926
460Graham Corp.5,934
355Greenbrier Companies., Inc.6,298
215Hurco Companies, Inc.6,256
511LB Foster Co. – Class A(a)6,316
  28,730
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
75


Brandes Small Cap Value Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

Shares Value
Media – 1.41%
232Scholastic Corp.$5,914
Oil, Gas & Consumable Fuels – 1.89%
316World Fuel Services Corp.7,957
Personal Products – 3.40%
593Edgewell Personal Care Co.(a)14,279
Pharmaceuticals – 2.87%
506Avadel Pharmaceuticals Plc Sponsored - ADR(a)4,018
333Phibro Animal Health Corp. – Class A8,048
  12,066
Professional Services – 3.26%
419Kelly Services, Inc. – Class A5,317
764Resources Connection, Inc.8,381
  13,698
Real Estate Management & Development –
1.99%
498The St. Joe Co.(a)8,356
Software – 2.13%
76MicroStrategy, Inc. – Class A(a)8,976
Shares Value
Specialty Retail – 2.06%
199Aaron's, Inc.$4,533
291Rent-A-Center, Inc.4,115
  8,648
Textiles, Apparel & Luxury Goods – 0.51%
181Movado Group, Inc.2,139
Thrifts & Mortgage Finance – 1.27%
217Territorial Bancorp, Inc.5,327
Trading Companies & Distributors – 0.60%
1,150Houston Wire & Cable Co.(a)2,518
TOTAL COMMON STOCKS
(Cost $475,713)
$382,773
PREFERRED STOCKS – 0.27%
Oil, Gas & Consumable Fuels – 0.27%
37Chesapeake Energy Corp., 5.750%$1,147
TOTAL PREFERRED STOCKS
(Cost $9,010)
$1,147
 
 Principal
Amount
Value
CORPORATE BONDS – 0.93%
Oil, Gas & Consumable Fuels – 0.93%
Chesapeake Energy Corp.

11.500%, 1/1/2025(b)

$23,000$3,910
SHORT-TERM INVESTMENTS – 16.74%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.400%,(c)

70,361$70,361
TOTAL SHORT-TERM INVESTMENTS

(Cost $70,361)

 $70,361
Total Investments (Cost $563,811) – 109.00%

 $458,191
Liabilities in Excess of Other Assets – (9.00)%

 (37,834)
TOTAL NET ASSETS – 100.00%

 $420,357

Percentages are stated as a percent of net assets.
ADR American Depositary Receipt  
    
(a)Non-income producing security.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
76


Brandes Small Cap Value Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

(b)Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $3,910, which represented 0.93% of the net assets of the Fund.
(c)The rate shown is the annualized seven day yield as of March 31, 2020.
The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
77


Brandes Small Cap Value Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

COMMON STOCKS 
Brazil

2.06%
Canada

2.22%
Ireland

0.96%
United States

85.82%
TOTAL COMMON STOCKS

91.06%
CORPORATE BONDS 
United States

0.93%
TOTAL CORPORATE BONDS

0.93%
PREFERRED STOCKS 
United States

0.27%
TOTAL PREFERRED STOCKS

0.27%
SHORT-TERM INVESTMENTS

16.74%
TOTAL INVESTMENTS

109.00%
Liabilities in Excess of Other Assets

(9.00)%
TOTAL NET ASSETS

100.00%
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
78


Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) 

 SharesValue
COMMON STOCKS – 0.00%
Household Durables – 0.00%
Urbi Desarrollos Urbanos SAB de CV(a)

     31,277$      1,112
TOTAL COMMON STOCKS

(Cost $292,050)

 $1,112
    
 Principal
Amount
Value
FEDERAL AND FEDERALLY SPONSORED CREDITS – 12.86%
Federal Home Loan Mortgage Corporation – 4.34%
Pool A9-3505 4.500%, 8/1/2040

$    96,874$    105,988
Pool G0-6018 6.500%, 4/1/2039

     20,877      24,759
Pool G1-8578 3.000%, 12/1/2030

  1,238,860   1,301,813
Pool SD-8001 3.500%, 7/1/2049

  1,045,336   1,102,525
Pool SD-8003 4.000%, 7/1/2049

  1,025,538  1,091,944
  3,627,029
Federal National Mortgage Association – 8.52%
Pool 934124 5.500%, 7/1/2038

     39,815      44,991
Pool AL9865 3.000%, 2/1/2047

  1,647,715   1,736,830
Pool AS6201 3.500%, 11/1/2045

    832,342     886,803
Pool BJ2553 3.500%, 12/1/2047

    615,524     652,176
Pool BN6683 3.500%, 6/1/2049

  1,630,422   1,722,319
Pool CA1624 3.000%, 4/1/2033

    955,713   1,003,637
Pool MA0918 4.000%, 12/1/2041

    229,370     247,955
Pool MA3687 4.000%, 6/1/2049

    767,870    817,383
  7,112,094
TOTAL FEDERAL AND FEDERALLY SPONSORED CREDITS

(Cost $10,250,601)

 $10,739,123
OTHER MORTGAGE RELATED SECURITIES – 0.00%
Collateralized Mortgage Obligations – 0.00%
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR14 4.546%, 10/25/2036(b),(c)

$       837$        669
TOTAL OTHER MORTGAGE RELATED SECURITIES

(Cost $824)

 $669
US GOVERNMENTS – 55.01%
Sovereign – 55.01%
United States Treasury Note
2.375%, 8/15/2024

$ 9,860,000$ 10,721,595
2.000%, 11/15/2021

    211,000     217,223
2.000%, 2/15/2023

  1,140,000   1,196,198
2.250%, 2/15/2027

16,100,000 17,954,644
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
79


Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

 Principal
Amount
Value
2.375%, 5/15/2029

$ 5,300,000$  6,096,863
United States Treasury Bond

4.750%, 2/15/2037

  6,110,000  9,757,384
TOTAL US GOVERNMENTS

(Cost $40,650,243)

 $45,943,907
CORPORATE BONDS – 29.04%
Automobiles – 1.68%
Ford Motor Credit Co. LLC

5.875%, 8/2/2021

$   410,000$    401,800
General Motors Financial Co., Inc.

2.650%, 4/13/2020

  1,000,000    999,223
  1,401,023
Banks – 5.73%
Citibank NA

2.100%, 6/12/2020

  1,650,000   1,646,858
Fifth Third Bancorp

8.250%, 3/1/2038

    175,000     230,850
Goldman Sachs Group, Inc.

3.000%, 4/26/2022

    780,000     785,721
JPMorgan Chase & Co.

5.239% (3M LIBOR + 3.470%), Perpetual(d)

  1,317,000   1,175,765
USB Capital IX

3.500% (3M LIBOR + 1.020%, minimum of 3.5000%), Perpetual(d)

  1,265,000    942,425
  4,781,619
Commercial Services & Supplies – 2.76%
ADT Corp.

3.500%, 7/15/2022

    915,000     892,125
Iron Mountain, Inc.

4.875%, 9/15/2027(e)

    645,000     625,650
Prime Security Services Borrower LLC

6.250%, 1/15/2028(e)

    915,000    789,188
  2,306,963
Consumer Products – 1.87%
Avon International Operations, Inc.

7.875%, 8/15/2022(e)

  1,100,000     982,951
Wyndham Destinations, Inc.

3.900%, 3/1/2023

    690,000    579,600
  1,562,551
Electric Utilities – 0.25%
Commonwealth Edison Co.

5.900%, 3/15/2036

    175,000    206,884
Equipment – 0.03%
Continental Airlines Pass Through Trust Series 2007-1

5.983%, 4/19/2022

     25,888     26,543
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
80


Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

 Principal
Amount
Value
Food, Beverage & Tobacco – 0.88%
Pilgrim's Pride Corp.

5.750%, 3/15/2025(e)

$   725,000$    730,438
Homebuilders – 2.00%
PulteGroup, Inc.

5.500%, 3/1/2026

    980,000     963,796
Toll Brothers Finance Corp.

4.875%, 11/15/2025

    745,000    707,750
  1,671,546
Insurance – 0.99%
American International Group, Inc.

6.400%, 12/15/2020

    800,000    822,501
Media – 1.21%
Charter Communications Operating LLC

4.908%, 7/23/2025

    295,000     313,170
Netflix, Inc.

5.375%, 2/1/2021

    695,000    700,213
  1,013,383
Oil, Gas & Consumable Fuels – 6.73%
BP Capital Markets Plc

3.506%, 3/17/2025

    810,000     839,601
Chesapeake Energy Corp.

7.000%, 10/1/2024

  1,245,000      93,375
Chevron Corp.

2.100%, 5/16/2021

  1,150,000   1,150,379
Exxon Mobil Corp.

2.397%, 3/6/2022

    945,000     954,385
Kinder Morgan, Inc.

4.300%, 6/1/2025

  1,054,000   1,075,555
Occidental Petroleum Corp.

3.500%, 6/15/2025

    555,000     283,974
Range Resources Corp.

5.000%, 3/15/2023

  1,680,000  1,226,400
  5,623,669
Technology – 2.40%
Microsoft Corp.

2.400%, 2/6/2022

  1,000,000   1,027,855
VMware, Inc.

3.900%, 8/21/2027

    995,000    980,412
  2,008,267
Telecommunications – 2.51%
AT&T, Inc.

3.000%, 6/30/2022

 1,630,000  1,644,182
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
81


Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

 Principal
Amount
Value
Frontier Communications Corp.

6.250%, 9/15/2021

$ 1,320,000$    316,800
Telefonica Emisiones SA

5.462%, 2/16/2021

    135,000    136,880
  2,097,862
TOTAL CORPORATE BONDS

(Cost $26,509,153)

 $24,253,249
ASSET BACKED SECURITIES – 1.87%
Student Loan – 1.87%
SLM Private Credit Student Loan Trust Series 2007-A, 0.981% (3M LIBOR + 0.240%, minimum of 0.240%), 12/16/2041(d)

$   276,506$    243,732
SLM Private Credit Student Loan Trust Series 2004-B, 1.170% (3M LIBOR + 0.430%), 9/15/2033(d)

    300,000     280,506
SLM Private Credit Student Loan Trust Series 2005-A, 1.050% (3M LIBOR + 0.310%), 12/15/2038(d)

    400,000     381,945
SLM Private Credit Student Loan Trust Series 2006-A, 1.031% (3M LIBOR + 0.290%, minimum of 0.290%), 6/15/2039(d)

    682,414    654,781
TOTAL ASSET BACKED SECURITIES

(Cost $1,524,081)

 $1,560,964
    
 SharesValue
SHORT-TERM INVESTMENTS – 0.91%
Money Market Funds – 0.91%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.400%(f)

$   765,537$    765,537
TOTAL SHORT-TERM INVESTMENTS

(Cost $765,537)

 $765,537
Total Investments (Cost $79,992,489) – 99.69%

 $83,264,561
Other Assets – 0.31%

 255,382
Total Net Assets – 100.00%

 $83,519,943

Percentages are stated as a percent of net assets.
LIBOR London Interbank Offered Rate  
    
(a)Non-income producing security.
(b)The price for this security was derived from an estimate of fair market value using methods approved by the Fund’s Board of Trustees. This security represents $669 or 0.00% of the Fund’s net assets and is classified as a Level 3 security. See Note 2 in the Notes to Financial Statements.
(c)Variable rate security. The coupon is based on an underlying pool of loans.
(d)Variable rate security. The coupon is based on a reference index and spread index.
(e)Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $3,128,227, which represented 3.75% of the net assets of the Fund.
(f)The rate shown is the annualized seven day yield as of March 31, 2020.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
82


Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — March 31, 2020 (Unaudited) (continued)

The industry classifications represented in the Schedule of Investments are in accordance with Bloomberg Industry Classification Standards (BICS) or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
83


Brandes Investment Trust
STATEMENTS OF ASSETS AND LIABILITIES — March 31, 2020 (Unaudited) 

 Brandes
International
Equity Fund
 Brandes
Global
Equity Fund
ASSETS   
Investment in securities, at value(1)   
Unaffiliated issuers

$470,754,982 $26,702,723
Affiliated issuers

 
Foreign Currency(1)

323,563 27,924
Receivables:   
Securities sold

726,441 52,245
Fund shares sold

692,482 
Dividends and interest

2,712,998 109,542
Foreign currency spot trade

 
Tax reclaims

727,774 40,752
Securities lending

3,944 66
Receivable from service providers

11,175 557
Prepaid expenses and other assets

167,410 31,767
Total Assets

476,120,769 26,965,576
LIABILITIES   
Payables:   
Securities purchased

566,151 500,066
Fund shares redeemed

2,294,005 119,598
Overdraft payable

 
Due to Advisor

353,664 18,806
12b-1 Fee

10,184 731
Trustee Fees

13,998 3,283
Custodian Fee Payable

42,578 2,701
Dividends payable

197,371 1,923
Accrued expenses

379,569 107,501
Total Liabilities

3,857,520 754,609
NET ASSETS

$472,263,249 $26,210,967
COMPONENTS OF NET ASSETS   
Paid in Capital

$786,213,506 $31,995,780
Total distributable earnings (loss)

(313,950,257) (5,784,813)
Total Net Assets

$472,263,249 $26,210,967
Net asset value, offering price and redemption proceeds per share   
Class A Shares   
Net Assets

$20,088,030 $1,072,513
Shares outstanding (unlimited shares authorized without par value)

1,703,628 64,905
Offering and redemption price

$11.79 $16.52
Maximum offering price per share*

$12.57 $17.68
Class C Shares   
Net Assets

$8,105,402 $736,777
Shares outstanding (unlimited shares authorized without par value)

699,512 44,902
Offering and redemption price

$11.59 $16.41
Class I Shares   
Net Assets

$404,347,804 $24,401,677
Shares outstanding (unlimited shares authorized without par value)

34,159,046 1,464,913
Offering and redemption price

$11.84 $16.66
Class R6 Shares   
Net Assets

$39,722,013 $
Shares outstanding (unlimited shares authorized without par value)

3,339,109 
Offering and redemption price

$11.90 $
(1)Cost of:   
Investments in securities   
Unaffiliated issuers

$760,153,478 $31,629,581
Affiliated issuers

 
Foreign currency

323,563 27,924

*Includes a sales load of 5.75% for the International, Global, Global Equity Income, Emerging Markets Value, International Small Cap, and Small Cap Value Funds and 3.75% for the Core Plus Fixed Income Fund. (see Note 7 of the Notes to Financial Statements)
The accompanying notes to financial statements are an integral part of this statement.
84


Brandes Investment Trust
STATEMENTS OF ASSETS AND LIABILITIES — March 31, 2020 (Unaudited) (continued)


    
Brandes
Global Equity
Income Fund
 Brandes
Emerging
Markets
Value Fund
 Brandes
International
Small Cap
Equity Fund
 Brandes
Small Cap
Value Fund
 Brandes
Core Plus Fixed
Income Fund
         
         
$1,163,387 $950,454,816 $252,328,935 $458,191 $83,264,561
 363,974 1,029,265  
1,441 1,678,633 111  
         
 17,096,963 1,826,957  
23 1,860,208 591,654 2,519 
6,030 6,608,305 1,815,162 902 436,641
    
1,770 7,400 359,860  
4    
22 22,440 5,557 8 1,224
11,508 169,865 72,589 44,058 40,135
1,184,185 978,262,604 258,030,090 505,678 83,742,561
         
         
 7,852,097 2,257,858 34,663 66,419
52 5,745,218 1,287,837  
 5,838,303   
452 891,311 224,550 251 25,101
9 45,328 8,793 4 444
1,940 23,847 23,295 1,683 3,105
645 246,803 56,989 1,928 2,312
143 224,843 8,207  
45,931 634,744 366,549 46,792 125,237
49,172 21,502,494 4,234,078 85,321 222,618
$1,135,013 $956,760,110 $253,796,012 $420,357 $83,519,943
         
$1,439,803 $1,576,956,531 $581,996,619 $724,240 $82,738,496
(304,790) (620,196,421) (328,200,607) (303,883) 781,447
$1,135,013 $956,760,110 $253,796,012 $420,357 $83,519,943
         
         
$23,736 $151,927,881 $27,082,152 $13,940 $1,249,870
2,709 24,913,746 3,439,665 2,018 135,125
$8.76 $6.10 $7.87 $6.91 $9.25
$8.84 $6.50 $8.38 $7.36 $9.90
         
$3,987 $11,572,092 $3,992,974 $ $
475 1,906,098 523,112  
$8.38 $6.07 $7.63 $ $
         
$1,107,290 $756,654,841 $214,560,662 $406,345 $82,269,963
133,195 123,441,572 27,140,745 58,521 8,820,792
$8.31 $6.13 $7.91 $6.94 $9.33
         
$ $36,605,296 $8,160,224 $72 $110
 5,947,047 1,030,180 11 12
$ $6.16 $7.92 $6.48 $9.33
         
         
$1,453,100 $1,507,534,315 $372,546,480 $563,811 $79,992,489
 12,202,051 30,880,966  
1,442 1,678,633 111  
The accompanying notes to financial statements are an integral part of this statement.
85


Brandes Investment Trust
STATEMENTS OF OPERATIONS — For the Six Months Ended March 31, 2020 (Unaudited) 

 Brandes
International
Equity Fund
 Brandes
Global
Equity Fund
INVESTMENT INCOME   
Income   
Dividend income   
Unaffiliated issuers

$8,195,245 $482,629
Affiliated issuers

 
Less: Foreign taxes withheld

(740,990) (20,637)
Interest income

129,699 4,759